Pair Correlation Between Dover Downs and DHX Media

This module allows you to analyze existing cross correlation between Dover Downs Gaming Entertainment Inc 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.
Investment 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 Inc is expected to generate 1.24 times more return on investment than DHX Media. However, Dover Downs is 1.24 times more volatile than DHX Media Ltd. It trades about 0.2 of its potential returns per unit of risk. DHX Media Ltd is currently generating about 0.05 per unit of risk. If you would invest  92.12  in Dover Downs Gaming Entertainment Inc on November 11, 2017 and sell it today you would earn a total of  8.88  from holding Dover Downs Gaming Entertainment Inc or generate 9.64% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Dover Downs and DHX Media
-0.2

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good 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 Inc 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

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Dover Downs Gaming Entertainment Inc are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

DHX Media Ltd

  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in DHX Media Ltd are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.