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
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Comparative Performance

CDW Corporation  
00

Risk-Adjusted Performance

Over the last 30 days CDW Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly stable primary indicators, CDW is not utilizing all of its potentials. The late stock price fuss, may contribute to near short-term losses for the directors.
Digimarc  
1313

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Digimarc Corporation are ranked lower than 13 (%) 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 Corporation is expected to under-perform the Digimarc. But the stock apears to be less risky and, when comparing its historical volatility, CDW Corporation is 5.92 times less risky than Digimarc. The stock trades about 0.0 of its potential returns per unit of risk. The Digimarc Corporation is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest  2,797  in Digimarc Corporation on May 20, 2019 and sell it today you would earn a total of  2,308  from holding Digimarc Corporation or generate 82.52% return on investment over 30 days.

Pair Corralation between CDW and Digimarc

-0.29
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for CDW and Digimarc

CDW Corp. diversification synergy

Very good 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 Portfolio Reporting module to create custom reports across your portfolios and generate quick suggestion pitch.


 
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