Correlation Analysis Between CDW and Digimarc

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

Comparative Performance

CDW Corporation  
14

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CDW Corporation are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days. Inspite fairly uncertain primary indicators, CDW showed solid returns over the last few months and may actually be approaching a breakup point.
Digimarc  
7

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Digimarc Corporation are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days. Despite somewhat uncertain basic indicators, Digimarc sustained solid returns over the last few months and may actually be approaching a breakup point.

CDW and Digimarc Volatility Contrast

 Predicted Return Density 
      Returns 

CDW Corp.  vs.  Digimarc Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, CDW is expected to generate 1.48 times less return on investment than Digimarc. But when comparing it to its historical volatility, CDW Corporation is 3.07 times less risky than Digimarc. It trades about 0.22 of its potential returns per unit of risk. Digimarc Corporation is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  2,455  in Digimarc Corporation on March 22, 2019 and sell it today you would earn a total of  344.50  from holding Digimarc Corporation or generate 14.03% return on investment over 30 days.

Pair Corralation between CDW and Digimarc

0.5
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for CDW and Digimarc

CDW Corp. diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding CDW Corp. and Digimarc Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Digimarc and CDW 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 CDW Corporation are associated (or correlated) with Digimarc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Digimarc has no effect on the direction of CDW i.e. CDW and Digimarc go up and down completely randomly.
See also your portfolio center. Please also try Volatility Analysis module to get historical volatility and risk analysis based on latest market data.


 
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