This module allows you to analyze existing cross correlation between DENTSPLY SIRONA Inc and DexCom Inc. You can compare the effects of market volatilities on DENTSPLY SIRONA and DexCom 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 DENTSPLY SIRONA with a short position of DexCom. See also your portfolio center
. Please also check ongoing floating volatility patterns of DENTSPLY SIRONA
DENTSPLY SIRONA Inc vs DexCom Inc
Given the investment horizon of 30 days, DENTSPLY SIRONA Inc is expected to under-perform the DexCom. But the stock apears to be less risky and, when comparing its historical volatility, DENTSPLY SIRONA Inc is 1.62 times less risky than DexCom. The stock trades about -0.34 of its potential returns per unit of risk. The DexCom Inc is currently generating about 0.37 of returns per unit of risk over similar time horizon. If you would invest 5,640 in DexCom Inc on February 22, 2018 and sell it today you would earn a total of 1,240 from holding DexCom Inc or generate 21.99% return on investment over 30 days.
|Time Period||1 Month [change]|
Very good diversification
Overlapping area represents the amount of risk that can be diversified away by holding DENTSPLY SIRONA Inc and DexCom Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on DexCom Inc and DENTSPLY SIRONA 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 DENTSPLY SIRONA Inc are associated (or correlated) with DexCom. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DexCom Inc has no effect on the direction of DENTSPLY SIRONA i.e. DENTSPLY SIRONA and DexCom go up and down completely randomly.
Over the last 30 days DENTSPLY SIRONA Inc has generated negative risk-adjusted returns adding no value to investors with long positions.
Compared to the overall equity markets, risk-adjusted returns on investments in DexCom Inc are ranked lower than 24 (%) of all global equities and portfolios over the last 30 days.