Correlation Between Dana and Loop Media
Can any of the company-specific risk be diversified away by investing in both Dana and Loop Media 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 Dana and Loop Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dana Inc and Loop Media, you can compare the effects of market volatilities on Dana and Loop Media 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 Dana with a short position of Loop Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dana and Loop Media.
Diversification Opportunities for Dana and Loop Media
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Dana and Loop is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Dana Inc and Loop Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Loop Media and Dana 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 Dana Inc are associated (or correlated) with Loop Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Loop Media has no effect on the direction of Dana i.e., Dana and Loop Media go up and down completely randomly.
Pair Corralation between Dana and Loop Media
If you would invest 1,638 in Dana Inc on June 5, 2025 and sell it today you would earn a total of 378.00 from holding Dana Inc or generate 23.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Dana Inc vs. Loop Media
Performance |
| Timeline |
| Dana Inc |
| Loop Media |
Risk-Adjusted Performance
Weakest
Weak | Strong |
Dana and Loop Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dana and Loop Media
The main advantage of trading using opposite Dana and Loop Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dana position performs unexpectedly, Loop Media 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 Loop Media will offset losses from the drop in Loop Media's long position.The idea behind Dana Inc and Loop Media 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.| Loop Media vs. Alaska Air Group | Loop Media vs. Integrated Media Technology | Loop Media vs. Aegean Airlines SA | Loop Media vs. Mesa Air Group |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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