Correlation Between DOMINION and Duluth Holdings
Specify exactly 2 symbols:
By analyzing existing cross correlation between DOMINION ENERGY INC and Duluth Holdings, you can compare the effects of market volatilities on DOMINION and Duluth 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 DOMINION with a short position of Duluth Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of DOMINION and Duluth Holdings.
Diversification Opportunities for DOMINION and Duluth Holdings
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between DOMINION and Duluth is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding DOMINION ENERGY INC and Duluth Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duluth Holdings and DOMINION 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 DOMINION ENERGY INC are associated (or correlated) with Duluth Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duluth Holdings has no effect on the direction of DOMINION i.e., DOMINION and Duluth Holdings go up and down completely randomly.
Pair Corralation between DOMINION and Duluth Holdings
Assuming the 90 days trading horizon DOMINION ENERGY INC is expected to generate 0.53 times more return on investment than Duluth Holdings. However, DOMINION ENERGY INC is 1.9 times less risky than Duluth Holdings. It trades about -0.04 of its potential returns per unit of risk. Duluth Holdings is currently generating about -0.02 per unit of risk. If you would invest 7,861 in DOMINION ENERGY INC on September 3, 2024 and sell it today you would lose (653.00) from holding DOMINION ENERGY INC or give up 8.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 55.87% |
| Values | Daily Returns |
DOMINION ENERGY INC vs. Duluth Holdings
Performance |
| Timeline |
| DOMINION ENERGY INC |
| Duluth Holdings |
DOMINION and Duluth Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DOMINION and Duluth Holdings
The main advantage of trading using opposite DOMINION and Duluth Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DOMINION position performs unexpectedly, Duluth 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 Duluth Holdings will offset losses from the drop in Duluth Holdings' long position.| DOMINION vs. Western Digital | DOMINION vs. VirnetX Holding Corp | DOMINION vs. NETGEAR | DOMINION vs. Asure Software |
| Duluth Holdings vs. Zumiez Inc | Duluth Holdings vs. JJill Inc | Duluth Holdings vs. Shoe Carnival | Duluth Holdings vs. Cato Corporation |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |