Correlation Between EVI Industries and Daseke
Can any of the company-specific risk be diversified away by investing in both EVI Industries and Daseke at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining EVI Industries and Daseke into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between EVI Industries and Daseke Inc, you can compare the effects of market volatilities on EVI Industries and Daseke 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 EVI Industries with a short position of Daseke. Check out your portfolio center. Please also check ongoing floating volatility patterns of EVI Industries and Daseke.
Diversification Opportunities for EVI Industries and Daseke
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between EVI and Daseke is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding EVI Industries and Daseke Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Daseke Inc and EVI Industries 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 EVI Industries are associated (or correlated) with Daseke. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Daseke Inc has no effect on the direction of EVI Industries i.e., EVI Industries and Daseke go up and down completely randomly.
Pair Corralation between EVI Industries and Daseke
If you would invest 748.00 in Daseke Inc on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Daseke Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
EVI Industries vs. Daseke Inc
Performance |
| Timeline |
| EVI Industries |
| Daseke Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
EVI Industries and Daseke Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EVI Industries and Daseke
The main advantage of trading using opposite EVI Industries and Daseke positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EVI Industries position performs unexpectedly, Daseke 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 Daseke will offset losses from the drop in Daseke's long position.| EVI Industries vs. DXP Enterprises | EVI Industries vs. Global Industrial Co | EVI Industries vs. Core Main | EVI Industries vs. Watsco Inc |
| Daseke vs. Universal Logistics Holdings | Daseke vs. Marten Transport | Daseke vs. Heartland Express | Daseke vs. Werner Enterprises |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Stocks Directory Find actively traded stocks across global markets | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |