Correlation Between DTRGR and Palomar Holdings
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By analyzing existing cross correlation between DTRGR 5125 19 JAN 28 and Palomar Holdings, you can compare the effects of market volatilities on DTRGR and Palomar Holdings 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 DTRGR with a short position of Palomar Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of DTRGR and Palomar Holdings.
Diversification Opportunities for DTRGR and Palomar Holdings
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between DTRGR and Palomar is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding DTRGR 5125 19 JAN 28 and Palomar Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Palomar Holdings and DTRGR 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 DTRGR 5125 19 JAN 28 are associated (or correlated) with Palomar Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Palomar Holdings has no effect on the direction of DTRGR i.e., DTRGR and Palomar Holdings go up and down completely randomly.
Pair Corralation between DTRGR and Palomar Holdings
Assuming the 90 days trading horizon DTRGR is expected to generate 25.95 times less return on investment than Palomar Holdings. But when comparing it to its historical volatility, DTRGR 5125 19 JAN 28 is 25.26 times less risky than Palomar Holdings. It trades about 0.25 of its potential returns per unit of risk. Palomar Holdings is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest 10,703 in Palomar Holdings on December 4, 2024 and sell it today you would earn a total of 2,117 from holding Palomar Holdings or generate 19.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 85.0% |
| Values | Daily Returns |
DTRGR 5125 19 JAN 28 vs. Palomar Holdings
Performance |
| Timeline |
| DTRGR 5125 19 |
| Palomar Holdings |
DTRGR and Palomar Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DTRGR and Palomar Holdings
The main advantage of trading using opposite DTRGR and Palomar Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DTRGR position performs unexpectedly, Palomar Holdings 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 Palomar Holdings will offset losses from the drop in Palomar Holdings' long position.| DTRGR vs. Nexstar Broadcasting Group | DTRGR vs. Dream Office Real | DTRGR vs. Sphere Entertainment Co | DTRGR vs. United Parks Resorts |
| Palomar Holdings vs. Horace Mann Educators | Palomar Holdings vs. Kemper | Palomar Holdings vs. RLI Corp | Palomar Holdings vs. Global Indemnity PLC |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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