Pair Correlation Between DENTSPLY SIRONA and DexCom

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 and DexCom.
 Time Horizon     30 Days    Login   to change
Symbolsvs
 DENTSPLY SIRONA Inc  vs   DexCom Inc
 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, DENTSPLY SIRONA Inc is expected to generate 0.53 times more return on investment than DexCom. However, DENTSPLY SIRONA Inc is 1.88 times less risky than DexCom. It trades about -0.03 of its potential returns per unit of risk. DexCom Inc is currently generating about -0.03 per unit of risk. If you would invest  6,665  in DENTSPLY SIRONA Inc on December 17, 2017 and sell it today you would lose (86)  from holding DENTSPLY SIRONA Inc or give up 1.29% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between DENTSPLY SIRONA and DexCom
-0.4

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

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.

Comparative Volatility

 Predicted Return Density 
      Returns 

DENTSPLY SIRONA Inc

  
0 

Risk-Adjusted Performance

Over the last 30 days DENTSPLY SIRONA Inc has generated negative risk-adjusted returns adding no value to investors with long positions.

DexCom Inc

  
0 

Risk-Adjusted Performance

Over the last 30 days DexCom Inc has generated negative risk-adjusted returns adding no value to investors with long positions.