Correlation Between Walker Dunlop and Saint Jean
Can any of the company-specific risk be diversified away by investing in both Walker Dunlop and Saint Jean 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 Saint Jean into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Walker Dunlop and Saint Jean Carbon, you can compare the effects of market volatilities on Walker Dunlop and Saint Jean 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 Saint Jean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walker Dunlop and Saint Jean.
Diversification Opportunities for Walker Dunlop and Saint Jean
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Walker and Saint is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Walker Dunlop and Saint Jean Carbon in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saint Jean Carbon 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 Saint Jean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saint Jean Carbon has no effect on the direction of Walker Dunlop i.e., Walker Dunlop and Saint Jean go up and down completely randomly.
Pair Corralation between Walker Dunlop and Saint Jean
Allowing for the 90-day total investment horizon Walker Dunlop is expected to under-perform the Saint Jean. But the stock apears to be less risky and, when comparing its historical volatility, Walker Dunlop is 9.91 times less risky than Saint Jean. The stock trades about -0.02 of its potential returns per unit of risk. The Saint Jean Carbon is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 1.40 in Saint Jean Carbon on August 30, 2024 and sell it today you would earn a total of 0.39 from holding Saint Jean Carbon or generate 27.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.73% |
| Values | Daily Returns |
Walker Dunlop vs. Saint Jean Carbon
Performance |
| Timeline |
| Walker Dunlop |
| Saint Jean Carbon |
Walker Dunlop and Saint Jean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walker Dunlop and Saint Jean
The main advantage of trading using opposite Walker Dunlop and Saint Jean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walker Dunlop position performs unexpectedly, Saint Jean 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 Saint Jean will offset losses from the drop in Saint Jean's long position.| Walker Dunlop vs. Velocity Financial Llc | Walker Dunlop vs. Security National Financial | Walker Dunlop vs. Encore Capital Group | Walker Dunlop vs. PennyMac Finl Svcs |
| Saint Jean vs. ZincX Resources Corp | Saint Jean vs. Mundoro Capital | Saint Jean vs. Strategic Resources | Saint Jean vs. Norra Metals Corp |
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.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Stocks Directory Find actively traded stocks across global markets |