Correlation Analysis Between Dollar General and NZSE

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

 Predicted Return Density 
      Returns 

Dollar General Corp.  vs.  NZSE

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Dollar General is expected to generate 12.18 times less return on investment than NZSE. In addition to that, Dollar General is 1.38 times more volatile than NZSE. It trades about 0.01 of its total potential returns per unit of risk. NZSE is currently generating about 0.11 per unit of volatility. If you would invest  1,041,829  in NZSE on July 22, 2019 and sell it today you would earn a total of  29,103  from holding NZSE or generate 2.79% return on investment over 30 days.

Pair Corralation between Dollar General and NZSE

-0.31
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy83.33%
ValuesDaily Returns

Diversification Opportunities for Dollar General and NZSE

Dollar General Corp. diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Dollar General Corp. and NZSE in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NZSE and Dollar General 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 Dollar General Corporation are associated (or correlated) with NZSE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NZSE has no effect on the direction of Dollar General i.e. Dollar General and NZSE go up and down completely randomly.
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See also your portfolio center. Please also try Commodity Channel Index module to use commodity channel index to analyze current equity momentum.


 
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