Correlation Between Walker Dunlop and Ardagh Group
Can any of the company-specific risk be diversified away by investing in both Walker Dunlop and Ardagh Group 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 Walker Dunlop and Ardagh Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Walker Dunlop and Ardagh Group SA, you can compare the effects of market volatilities on Walker Dunlop and Ardagh Group 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 Walker Dunlop with a short position of Ardagh Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walker Dunlop and Ardagh Group.
Diversification Opportunities for Walker Dunlop and Ardagh Group
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Walker and Ardagh is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Walker Dunlop and Ardagh Group SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ardagh Group SA and Walker Dunlop 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 Walker Dunlop are associated (or correlated) with Ardagh Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ardagh Group SA has no effect on the direction of Walker Dunlop i.e., Walker Dunlop and Ardagh Group go up and down completely randomly.
Pair Corralation between Walker Dunlop and Ardagh Group
If you would invest 7,669 in Walker Dunlop on September 4, 2024 and sell it today you would earn a total of 3,352 from holding Walker Dunlop or generate 43.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Walker Dunlop vs. Ardagh Group SA
Performance |
| Timeline |
| Walker Dunlop |
| Ardagh Group SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Walker Dunlop and Ardagh Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walker Dunlop and Ardagh Group
The main advantage of trading using opposite Walker Dunlop and Ardagh Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walker Dunlop position performs unexpectedly, Ardagh Group 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 Ardagh Group will offset losses from the drop in Ardagh Group's long position.| Walker Dunlop vs. Mr Cooper Group | Walker Dunlop vs. Velocity Financial Llc | Walker Dunlop vs. Security National Financial | Walker Dunlop vs. Encore Capital Group |
| Ardagh Group vs. PennantPark Floating Rate | Ardagh Group vs. Cardinal Health | Ardagh Group vs. Meiwu Technology Co | Ardagh Group vs. Artisan Partners Asset |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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