Correlation Between BlueLinx Holdings and PARKER
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By analyzing existing cross correlation between BlueLinx Holdings and PARKER HANNIFIN P 41, you can compare the effects of market volatilities on BlueLinx Holdings and PARKER 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 BlueLinx Holdings with a short position of PARKER. Check out your portfolio center. Please also check ongoing floating volatility patterns of BlueLinx Holdings and PARKER.
Diversification Opportunities for BlueLinx Holdings and PARKER
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BlueLinx and PARKER is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding BlueLinx Holdings and PARKER HANNIFIN P 41 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PARKER HANNIFIN P and BlueLinx 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 BlueLinx Holdings are associated (or correlated) with PARKER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PARKER HANNIFIN P has no effect on the direction of BlueLinx Holdings i.e., BlueLinx Holdings and PARKER go up and down completely randomly.
Pair Corralation between BlueLinx Holdings and PARKER
Considering the 90-day investment horizon BlueLinx Holdings is expected to generate 1.94 times more return on investment than PARKER. However, BlueLinx Holdings is 1.94 times more volatile than PARKER HANNIFIN P 41. It trades about 0.03 of its potential returns per unit of risk. PARKER HANNIFIN P 41 is currently generating about -0.11 per unit of risk. If you would invest 10,132 in BlueLinx Holdings on November 3, 2024 and sell it today you would earn a total of 646.00 from holding BlueLinx Holdings or generate 6.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 46.4% |
| Values | Daily Returns |
BlueLinx Holdings vs. PARKER HANNIFIN P 41
Performance |
| Timeline |
| BlueLinx Holdings |
| PARKER HANNIFIN P |
BlueLinx Holdings and PARKER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BlueLinx Holdings and PARKER
The main advantage of trading using opposite BlueLinx Holdings and PARKER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BlueLinx Holdings position performs unexpectedly, PARKER 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 PARKER will offset losses from the drop in PARKER's long position.| BlueLinx Holdings vs. DXP Enterprises | BlueLinx Holdings vs. Distribution Solutions Group | BlueLinx Holdings vs. Core Main | BlueLinx Holdings vs. WESCO International |
| PARKER vs. Dave Busters Entertainment | PARKER vs. Asure Software | PARKER vs. Western Digital | PARKER vs. Victorias Secret Co |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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