Correlation Between ChampionX and SANDS
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By analyzing existing cross correlation between ChampionX and SANDS CHINA LTD, you can compare the effects of market volatilities on ChampionX and SANDS 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 ChampionX with a short position of SANDS. Check out your portfolio center. Please also check ongoing floating volatility patterns of ChampionX and SANDS.
Diversification Opportunities for ChampionX and SANDS
Good diversification
The 3 months correlation between ChampionX and SANDS is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding ChampionX and SANDS CHINA LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SANDS CHINA LTD and ChampionX 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 ChampionX are associated (or correlated) with SANDS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SANDS CHINA LTD has no effect on the direction of ChampionX i.e., ChampionX and SANDS go up and down completely randomly.
Pair Corralation between ChampionX and SANDS
Considering the 90-day investment horizon ChampionX is expected to generate 6.69 times more return on investment than SANDS. However, ChampionX is 6.69 times more volatile than SANDS CHINA LTD. It trades about 0.19 of its potential returns per unit of risk. SANDS CHINA LTD is currently generating about -0.22 per unit of risk. If you would invest 2,843 in ChampionX on September 3, 2024 and sell it today you would earn a total of 252.00 from holding ChampionX or generate 8.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 85.0% |
| Values | Daily Returns |
ChampionX vs. SANDS CHINA LTD
Performance |
| Timeline |
| ChampionX |
| SANDS CHINA LTD |
ChampionX and SANDS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ChampionX and SANDS
The main advantage of trading using opposite ChampionX and SANDS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ChampionX position performs unexpectedly, SANDS 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 SANDS will offset losses from the drop in SANDS's long position.| ChampionX vs. Expro Group Holdings | ChampionX vs. Ranger Energy Services | ChampionX vs. Cactus Inc | ChampionX vs. MRC Global |
| SANDS vs. Ryman Hospitality Properties | SANDS vs. FTAI Aviation Ltd | SANDS vs. Meli Hotels International | SANDS vs. Global Ship Lease |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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