Correlation Between Duckhorn Portfolio and Harman International

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Can any of the company-specific risk be diversified away by investing in both Duckhorn Portfolio and Harman International at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Duckhorn Portfolio and Harman International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Duckhorn Portfolio and Harman International Industries, you can compare the effects of market volatilities on Duckhorn Portfolio and Harman International 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 Duckhorn Portfolio with a short position of Harman International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duckhorn Portfolio and Harman International.

Diversification Opportunities for Duckhorn Portfolio and Harman International

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  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Duckhorn and Harman is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Duckhorn Portfolio and Harman International Industrie in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harman International and Duckhorn Portfolio 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 Duckhorn Portfolio are associated (or correlated) with Harman International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harman International has no effect on the direction of Duckhorn Portfolio i.e., Duckhorn Portfolio and Harman International go up and down completely randomly.

Pair Corralation between Duckhorn Portfolio and Harman International

If you would invest (100.00) in Harman International Industries on March 6, 2024 and sell it today you would earn a total of  100.00  from holding Harman International Industries or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Duckhorn Portfolio  vs.  Harman International Industrie

 Performance 
       Timeline  
Duckhorn Portfolio 

Risk-Adjusted Performance

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Over the last 90 days Duckhorn Portfolio has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in July 2024. The current disturbance may also be a sign of long term up-swing for the company investors.
Harman International 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days Harman International Industries has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, Harman International is not utilizing all of its potentials. The current stock price agitation, may contribute to short-term losses for the retail investors.

Duckhorn Portfolio and Harman International Volatility Contrast

   Predicted Return Density   
       Returns  
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