Correlation Between Worksport and Dana
Can any of the company-specific risk be diversified away by investing in both Worksport and Dana 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 Worksport and Dana into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Worksport and Dana Inc, you can compare the effects of market volatilities on Worksport and Dana 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 Worksport with a short position of Dana. Check out your portfolio center. Please also check ongoing floating volatility patterns of Worksport and Dana.
Diversification Opportunities for Worksport and Dana
Very good diversification
The 3 months correlation between Worksport and Dana is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Worksport and Dana Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dana Inc and Worksport 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 Worksport are associated (or correlated) with Dana. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dana Inc has no effect on the direction of Worksport i.e., Worksport and Dana go up and down completely randomly.
Pair Corralation between Worksport and Dana
Given the investment horizon of 90 days Worksport is expected to under-perform the Dana. In addition to that, Worksport is 3.01 times more volatile than Dana Inc. It trades about -0.06 of its total potential returns per unit of risk. Dana Inc is currently generating about 0.07 per unit of volatility. If you would invest 1,863 in Dana Inc on August 21, 2025 and sell it today you would earn a total of 142.00 from holding Dana Inc or generate 7.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Worksport vs. Dana Inc
Performance |
| Timeline |
| Worksport |
| Dana Inc |
Worksport and Dana Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Worksport and Dana
The main advantage of trading using opposite Worksport and Dana positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Worksport position performs unexpectedly, Dana 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 Dana will offset losses from the drop in Dana's long position.| Worksport vs. Kaixin Auto Holdings | Worksport vs. Jiuzi Holdings | Worksport vs. Rent the Runway | Worksport vs. Lulus Fashion Lounge |
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.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |