Correlation Between Duluth Holdings and 842400HF3
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By analyzing existing cross correlation between Duluth Holdings and EIX 365 01 JUN 51, you can compare the effects of market volatilities on Duluth Holdings and 842400HF3 and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Duluth Holdings with a short position of 842400HF3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duluth Holdings and 842400HF3.
Diversification Opportunities for Duluth Holdings and 842400HF3
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Duluth and 842400HF3 is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Duluth Holdings and EIX 365 01 JUN 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EIX 365 01 and Duluth Holdings is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Duluth Holdings are associated (or correlated) with 842400HF3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EIX 365 01 has no effect on the direction of Duluth Holdings i.e., Duluth Holdings and 842400HF3 go up and down completely randomly.
Pair Corralation between Duluth Holdings and 842400HF3
Given the investment horizon of 90 days Duluth Holdings is expected to generate 1.28 times more return on investment than 842400HF3. However, Duluth Holdings is 1.28 times more volatile than EIX 365 01 JUN 51. It trades about 0.04 of its potential returns per unit of risk. EIX 365 01 JUN 51 is currently generating about -0.12 per unit of risk. If you would invest 376.00 in Duluth Holdings on September 3, 2024 and sell it today you would earn a total of 7.00 from holding Duluth Holdings or generate 1.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 30.0% |
| Values | Daily Returns |
Duluth Holdings vs. EIX 365 01 JUN 51
Performance |
| Timeline |
| Duluth Holdings |
| EIX 365 01 |
Duluth Holdings and 842400HF3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duluth Holdings and 842400HF3
The main advantage of trading using opposite Duluth Holdings and 842400HF3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duluth Holdings position performs unexpectedly, 842400HF3 can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in 842400HF3 will offset losses from the drop in 842400HF3's long position.| Duluth Holdings vs. Zumiez Inc | Duluth Holdings vs. JJill Inc | Duluth Holdings vs. Shoe Carnival | Duluth Holdings vs. Cato Corporation |
| 842400HF3 vs. Ardelyx | 842400HF3 vs. Duluth Holdings | 842400HF3 vs. Tandy Leather Factory | 842400HF3 vs. Tscan Therapeutics |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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