Correlation Analysis Between Digirad and DOW

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

 Predicted Return Density 
      Returns 

Digirad Corp.  vs.  DOW

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Digirad Corporation is expected to under-perform the DOW. In addition to that, Digirad is 4.14 times more volatile than DOW. It trades about -0.06 of its total potential returns per unit of risk. DOW is currently generating about -0.03 per unit of volatility. If you would invest  2,733,563  in DOW on September 14, 2019 and sell it today you would lose (54,827)  from holding DOW or give up 2.01% of portfolio value over 30 days.

Pair Corralation between Digirad and DOW

0.63
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Digirad and DOW

Digirad Corp. diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Digirad Corp. and DOW in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on DOW and Digirad 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 Digirad Corporation 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 Digirad i.e. Digirad and DOW go up and down completely randomly.
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See also your portfolio center. Please also try Piotroski F Score module to get piotroski f score based on binary analysis strategy of nine different fundamentals.


 
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