Correlation Analysis Between DOW and CDK Global

This module allows you to analyze existing cross correlation between DOW and CDK Global. You can compare the effects of market volatilities on DOW and CDK Global 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 DOW with a short position of CDK Global. See also your portfolio center. Please also check ongoing floating volatility patterns of DOW and CDK Global.
 Time Horizon     30 Days    Login   to change
Symbolsvs

DOW  vs.  CDK Global Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, DOW is expected to generate 1.04 times less return on investment than CDK Global. But when comparing it to its historical volatility, DOW is 1.26 times less risky than CDK Global. It trades about 0.15 of its potential returns per unit of risk. CDK Global is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  6,587  in CDK Global on June 21, 2018 and sell it today you would earn a total of  120.00  from holding CDK Global or generate 1.82% return on investment over 30 days.

Pair Corralation between DOW and CDK Global

-0.64
Time Period1 Month [change]
DirectionNegative 
StrengthWeak
Accuracy72.41%
ValuesDaily Returns

Diversification

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding DOW and CDK Global Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on CDK Global and DOW 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 DOW are associated (or correlated) with CDK Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CDK Global has no effect on the direction of DOW i.e. DOW and CDK Global go up and down completely randomly.
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Comparative Volatility

 Predicted Return Density 
      Returns 

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GOOG - USA Stock
Alphabet
Specialization
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Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$0.0
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