Correlation Between SNDL and DTRGR
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By analyzing existing cross correlation between SNDL Inc and DTRGR 365 07 APR 27, you can compare the effects of market volatilities on SNDL and DTRGR 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 SNDL with a short position of DTRGR. Check out your portfolio center. Please also check ongoing floating volatility patterns of SNDL and DTRGR.
Diversification Opportunities for SNDL and DTRGR
Modest diversification
The 3 months correlation between SNDL and DTRGR is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding SNDL Inc and DTRGR 365 07 APR 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DTRGR 365 07 and SNDL 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 SNDL Inc are associated (or correlated) with DTRGR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DTRGR 365 07 has no effect on the direction of SNDL i.e., SNDL and DTRGR go up and down completely randomly.
Pair Corralation between SNDL and DTRGR
Given the investment horizon of 90 days SNDL Inc is expected to under-perform the DTRGR. In addition to that, SNDL is 21.38 times more volatile than DTRGR 365 07 APR 27. It trades about -0.08 of its total potential returns per unit of risk. DTRGR 365 07 APR 27 is currently generating about -0.03 per unit of volatility. If you would invest 9,730 in DTRGR 365 07 APR 27 on September 2, 2024 and sell it today you would lose (4.00) from holding DTRGR 365 07 APR 27 or give up 0.04% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 33.33% |
| Values | Daily Returns |
SNDL Inc vs. DTRGR 365 07 APR 27
Performance |
| Timeline |
| SNDL Inc |
| DTRGR 365 07 |
SNDL and DTRGR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SNDL and DTRGR
The main advantage of trading using opposite SNDL and DTRGR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SNDL position performs unexpectedly, DTRGR 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 DTRGR will offset losses from the drop in DTRGR's long position.The idea behind SNDL Inc and DTRGR 365 07 APR 27 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| DTRGR vs. Avient Corp | DTRGR vs. CF Industries Holdings | DTRGR vs. Jeld Wen Holding | DTRGR vs. Tencent Music 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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