Correlation Between Duluth Holdings and Evgo

Can any of the company-specific risk be diversified away by investing in both Duluth Holdings and Evgo 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 Duluth Holdings and Evgo into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Duluth Holdings and Evgo Inc, you can compare the effects of market volatilities on Duluth Holdings and Evgo 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 Duluth Holdings with a short position of Evgo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duluth Holdings and Evgo.

Diversification Opportunities for Duluth Holdings and Evgo

-0.45

Correlation Coefficient

Duluth Holdings  Evgo

Very good diversification

The 3 months correlation between Duluth and Evgo is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Duluth Holdings and Evgo Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Evgo Inc and Duluth Holdings 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 Duluth Holdings are associated (or correlated) with Evgo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Evgo Inc has no effect on the direction of Duluth Holdings i.e., Duluth Holdings and Evgo go up and down completely randomly.

Pair Corralation between Duluth Holdings and Evgo

Given the investment horizon of 90 days Duluth Holdings is expected to generate 1.23 times more return on investment than Evgo. However, Duluth Holdings is 1.23 times more volatile than Evgo Inc. It trades about 0.08 of its potential returns per unit of risk. Evgo Inc is currently generating about -0.01 per unit of risk. If you would invest  195.00  in Duluth Holdings on May 11, 2025 and sell it today you would earn a total of  33.00  from holding Duluth Holdings or generate 16.92% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

Duluth Holdings  vs.  Evgo Inc

Duluth Holdings

Risk-Adjusted Performance

Mild

Compared to the overall equity markets, risk-adjusted returns on investments in Duluth Holdings are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Despite fairly uncertain basic indicators, Duluth Holdings demonstrated solid returns over the last few months and may actually be approaching a breakup point.

Evgo Inc

Risk-Adjusted Performance

Weakest

Over the last 90 days Evgo Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy technical and fundamental indicators, Evgo is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.

Pair Trading with Duluth Holdings and Evgo

The main advantage of trading using opposite Duluth Holdings and Evgo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duluth Holdings position performs unexpectedly, Evgo 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 Evgo will offset losses from the drop in Evgo's long position.

The idea behind Duluth Holdings and Evgo Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.