Correlation Between Thrivent High and Dominos Pizza

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

By analyzing existing cross correlation between Thrivent High Yield and Dominos Pizza Group, you can compare the effects of market volatilities on Thrivent High and Dominos Pizza 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 Thrivent High with a short position of Dominos Pizza. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thrivent High and Dominos Pizza.

Diversification Opportunities for Thrivent High and Dominos Pizza

-0.37

Correlation Coefficient

Thrivent High  Dominos Pizza

Very good diversification

The 3 months correlation between Thrivent and Dominos is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Thrivent High Yield and Dominos Pizza Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dominos Pizza Group and Thrivent High 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 Thrivent High Yield are associated (or correlated) with Dominos Pizza. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dominos Pizza Group has no effect on the direction of Thrivent High i.e., Thrivent High and Dominos Pizza go up and down completely randomly.

Pair Corralation between Thrivent High and Dominos Pizza

Assuming the 90 days horizon Thrivent High Yield is expected to generate 22.12 times more return on investment than Dominos Pizza. However, Thrivent High is 22.12 times more volatile than Dominos Pizza Group. It trades about 0.12 of its potential returns per unit of risk. Dominos Pizza Group is currently generating about -0.11 per unit of risk. If you would invest  425.00  in Thrivent High Yield on September 15, 2025 and sell it today you would earn a total of  1,290  from holding Thrivent High Yield or generate 303.53% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	98.48%
Values	Daily Returns

Thrivent High Yield  vs.  Dominos Pizza Group

Thrivent High Yield

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in Thrivent High Yield are ranked lower than 9 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak forward indicators, Thrivent High showed solid returns over the last few months and may actually be approaching a breakup point.

Dominos Pizza Group

Risk-Adjusted Performance

Weakest

Over the last 90 days Dominos Pizza Group has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest weak performance, the Stock's basic indicators remain stable and the current disturbance on Wall Street may also be a sign of long-run gains for the company stockholders.

Pair Trading with Thrivent High and Dominos Pizza

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

The idea behind Thrivent High Yield and Dominos Pizza Group 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..