Correlation Analysis Between DHX Media and Home Depot

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

DHX Media Ltd  
00

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. Even with weak performance in the last few months, the Stock's technical indicators remain considerably steady which may send shares a bit higher in October 2019. The new chaos may also be a sign of medium term up-swing for the business stakeholders.
Home Depot  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Home Depot are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. In spite of rather conflicting fundamental drivers, Home Depot may actually be approaching a critical reversion point that can send shares even higher in October 2019.

DHX Media and Home Depot Volatility Contrast

 Predicted Return Density 
      Returns 

DHX Media Ltd  vs.  Home Depot Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, DHX Media Ltd is expected to under-perform the Home Depot. In addition to that, DHX Media is 2.86 times more volatile than Home Depot. It trades about -0.07 of its total potential returns per unit of risk. Home Depot is currently generating about 0.1 per unit of volatility. If you would invest  20,426  in Home Depot on August 22, 2019 and sell it today you would earn a total of  1,696  from holding Home Depot or generate 8.3% return on investment over 30 days.

Pair Corralation between DHX Media and Home Depot

-0.25
Time Period3 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for DHX Media and Home Depot

DHX Media Ltd diversification synergy

Very good diversification

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