Correlation Between Chart Industries and Parkland
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By analyzing existing cross correlation between Chart Industries and Parkland Fuel, you can compare the effects of market volatilities on Chart Industries and Parkland 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 Chart Industries with a short position of Parkland. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chart Industries and Parkland.
Diversification Opportunities for Chart Industries and Parkland
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Chart and Parkland is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Chart Industries and Parkland Fuel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Parkland Fuel and Chart Industries 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 Chart Industries are associated (or correlated) with Parkland. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Parkland Fuel has no effect on the direction of Chart Industries i.e., Chart Industries and Parkland go up and down completely randomly.
Pair Corralation between Chart Industries and Parkland
Given the investment horizon of 90 days Chart Industries is expected to generate 8.12 times more return on investment than Parkland. However, Chart Industries is 8.12 times more volatile than Parkland Fuel. It trades about 0.32 of its potential returns per unit of risk. Parkland Fuel is currently generating about -0.1 per unit of risk. If you would invest 11,288 in Chart Industries on September 4, 2024 and sell it today you would earn a total of 7,937 from holding Chart Industries or generate 70.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 84.38% |
| Values | Daily Returns |
Chart Industries vs. Parkland Fuel
Performance |
| Timeline |
| Chart Industries |
| Parkland Fuel |
Chart Industries and Parkland Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chart Industries and Parkland
The main advantage of trading using opposite Chart Industries and Parkland positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chart Industries position performs unexpectedly, Parkland 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 Parkland will offset losses from the drop in Parkland's long position.| Chart Industries vs. Crane NXT Co | Chart Industries vs. Donaldson | Chart Industries vs. ITT Inc | Chart Industries vs. Franklin Electric Co |
| Parkland vs. Compania Cervecerias Unidas | Parkland vs. CECO Environmental Corp | Parkland vs. Simpson Manufacturing | Parkland vs. Chart Industries |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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