Correlation Analysis Between Century Communities and DOW

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

 Predicted Return Density 
      Returns 

Century Communities Inc  vs.  DOW

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Century Communities is expected to generate 2.38 times more return on investment than DOW. However, Century Communities is 2.38 times more volatile than DOW. It trades about 0.07 of its potential returns per unit of risk. DOW is currently generating about 0.08 per unit of risk. If you would invest  2,725  in Century Communities on August 16, 2019 and sell it today you would earn a total of  253.00  from holding Century Communities or generate 9.28% return on investment over 30 days.

Pair Corralation between Century Communities and DOW

0.99
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Century Communities and DOW

Century Communities Inc diversification synergy

No risk reduction

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