Correlation Between Elfun Trusts and PARKER
Specify exactly 2 symbols:
By analyzing existing cross correlation between Elfun Trusts Elfun and PARKER HANNIFIN P MEDIUM, you can compare the effects of market volatilities on Elfun Trusts 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 Elfun Trusts with a short position of PARKER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and PARKER.
Diversification Opportunities for Elfun Trusts and PARKER
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Elfun and PARKER is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun and PARKER HANNIFIN P MEDIUM in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PARKER HANNIFIN P and Elfun Trusts 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 Elfun Trusts Elfun 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 Elfun Trusts i.e., Elfun Trusts and PARKER go up and down completely randomly.
Pair Corralation between Elfun Trusts and PARKER
Assuming the 90 days horizon Elfun Trusts Elfun is expected to generate 0.52 times more return on investment than PARKER. However, Elfun Trusts Elfun is 1.93 times less risky than PARKER. It trades about 0.05 of its potential returns per unit of risk. PARKER HANNIFIN P MEDIUM is currently generating about -0.13 per unit of risk. If you would invest 9,928 in Elfun Trusts Elfun on September 14, 2024 and sell it today you would earn a total of 58.00 from holding Elfun Trusts Elfun or generate 0.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Elfun Trusts Elfun vs. PARKER HANNIFIN P MEDIUM
Performance |
| Timeline |
| Elfun Trusts Elfun |
| PARKER HANNIFIN P |
Elfun Trusts and PARKER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elfun Trusts and PARKER
The main advantage of trading using opposite Elfun Trusts and PARKER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts 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.| Elfun Trusts vs. Fpa Queens Road | Elfun Trusts vs. Valic Company I | Elfun Trusts vs. Royce Opportunity Fund | Elfun Trusts vs. Vanguard Small Cap Value |
| PARKER vs. Delek Logistics Partners | PARKER vs. JD Sports Fashion | PARKER vs. Eastman Kodak Co | PARKER vs. Fernhill Beverage |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |