Correlation Between REPUBLIC and Dow Jones
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By analyzing existing cross correlation between REPUBLIC SVCS INC and Dow Jones Industrial, you can compare the effects of market volatilities on REPUBLIC and Dow Jones 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 REPUBLIC with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of REPUBLIC and Dow Jones.
Diversification Opportunities for REPUBLIC and Dow Jones
Good diversification
The 3 months correlation between REPUBLIC and Dow is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding REPUBLIC SVCS INC and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial and REPUBLIC 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 REPUBLIC SVCS INC are associated (or correlated) with Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of REPUBLIC i.e., REPUBLIC and Dow Jones go up and down completely randomly.
Pair Corralation between REPUBLIC and Dow Jones
Assuming the 90 days trading horizon REPUBLIC SVCS INC is expected to generate 0.37 times more return on investment than Dow Jones. However, REPUBLIC SVCS INC is 2.73 times less risky than Dow Jones. It trades about -0.28 of its potential returns per unit of risk. Dow Jones Industrial is currently generating about -0.17 per unit of risk. If you would invest 9,974 in REPUBLIC SVCS INC on November 25, 2024 and sell it today you would lose (133.00) from holding REPUBLIC SVCS INC or give up 1.33% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
REPUBLIC SVCS INC vs. Dow Jones Industrial
Performance |
Timeline |
REPUBLIC and Dow Jones Volatility Contrast
Predicted Return Density |
Returns |
REPUBLIC SVCS INC
Pair trading matchups for REPUBLIC
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with REPUBLIC and Dow Jones
The main advantage of trading using opposite REPUBLIC and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if REPUBLIC position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.REPUBLIC vs. AEP TEX INC | ||
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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