Correlation Analysis Between Dover Downs and DHX Media

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

Dover Downs Gaming Entertainme  vs.  DHX Media Ltd

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Dover Downs Gaming Entertainment is expected to generate 1.78 times more return on investment than DHX Media. However, Dover Downs is 1.78 times more volatile than DHX Media Ltd. It trades about -0.02 of its potential returns per unit of risk. DHX Media Ltd is currently generating about -0.22 per unit of risk. If you would invest  174.00  in Dover Downs Gaming Entertainment on May 25, 2018 and sell it today you would lose (7.00)  from holding Dover Downs Gaming Entertainment or give up 4.02% of portfolio value over 30 days.

Pair Corralation between Dover Downs and DHX Media

0.61
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Dover Downs Gaming  
0 

Risk-Adjusted Performance

Over the last 30 days Dover Downs Gaming Entertainment has generated negative risk-adjusted returns adding no value to investors with long positions.

Dover Downs Gaming Entertainment

Pair trading matchups for Dover Downs
DHX Media Ltd  
0 

Risk-Adjusted Performance

Over the last 30 days DHX Media Ltd has generated negative risk-adjusted returns adding no value to investors with long positions.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1157.66

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