Correlation Between Oxford Industries and Dogness International
Can any of the company-specific risk be diversified away by investing in both Oxford Industries and Dogness International 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 Oxford Industries and Dogness International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oxford Industries and Dogness International Corp, you can compare the effects of market volatilities on Oxford Industries and Dogness International 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 Oxford Industries with a short position of Dogness International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oxford Industries and Dogness International.
Diversification Opportunities for Oxford Industries and Dogness International
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Oxford and Dogness is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Oxford Industries and Dogness International Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dogness International and Oxford 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 Oxford Industries are associated (or correlated) with Dogness International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dogness International has no effect on the direction of Oxford Industries i.e., Oxford Industries and Dogness International go up and down completely randomly.
Pair Corralation between Oxford Industries and Dogness International
Considering the 90-day investment horizon Oxford Industries is expected to generate 0.27 times more return on investment than Dogness International. However, Oxford Industries is 3.66 times less risky than Dogness International. It trades about 0.21 of its potential returns per unit of risk. Dogness International Corp is currently generating about 0.04 per unit of risk. If you would invest 7,548 in Oxford Industries on August 30, 2024 and sell it today you would earn a total of 749.00 from holding Oxford Industries or generate 9.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Oxford Industries vs. Dogness International Corp
Performance |
| Timeline |
| Oxford Industries |
| Dogness International |
Oxford Industries and Dogness International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oxford Industries and Dogness International
The main advantage of trading using opposite Oxford Industries and Dogness International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oxford Industries position performs unexpectedly, Dogness International 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 Dogness International will offset losses from the drop in Dogness International's long position.| Oxford Industries vs. G III Apparel Group | Oxford Industries vs. Ermenegildo Zegna NV | Oxford Industries vs. Kontoor Brands | Oxford Industries vs. Columbia Sportswear |
| Dogness International vs. Escalade Incorporated | Dogness International vs. JAKKS Pacific | Dogness International vs. Clarus Corp | Dogness International vs. Six Flags Entertainment |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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