Correlation Between 51job and DLH Holdings
Can any of the company-specific risk be diversified away by investing in both 51job and DLH Holdings 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 51job and DLH Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between 51job Inc and DLH Holdings Corp, you can compare the effects of market volatilities on 51job and DLH Holdings 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 51job with a short position of DLH Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of 51job and DLH Holdings.
Diversification Opportunities for 51job and DLH Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 51job and DLH is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding 51job Inc and DLH Holdings Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DLH Holdings Corp and 51job 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 51job Inc are associated (or correlated) with DLH Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DLH Holdings Corp has no effect on the direction of 51job i.e., 51job and DLH Holdings go up and down completely randomly.
Pair Corralation between 51job and DLH Holdings
If you would invest (100.00) in 51job Inc on January 17, 2024 and sell it today you would earn a total of 100.00 from holding 51job Inc or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
51job Inc vs. DLH Holdings Corp
Performance |
| Timeline |
| 51job Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| DLH Holdings Corp |
51job and DLH Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 51job and DLH Holdings
The main advantage of trading using opposite 51job and DLH Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 51job position performs unexpectedly, DLH Holdings can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in DLH Holdings will offset losses from the drop in DLH Holdings' long position.| 51job vs. Presidio Property Trust | 51job vs. Black Hills | 51job vs. Stepstone Group | 51job vs. Bluerock Homes Trust |
| DLH Holdings vs. Discount Print USA | DLH Holdings vs. Cass Information Systems | DLH Holdings vs. Civeo Corp | DLH Holdings vs. Network 1 Technologies |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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