Correlation Between Park Hotels and IMAGIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both Park Hotels and IMAGIN MEDICAL 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 Park Hotels and IMAGIN MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Park Hotels Resorts and IMAGIN MEDICAL INC, you can compare the effects of market volatilities on Park Hotels and IMAGIN MEDICAL 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 Park Hotels with a short position of IMAGIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Park Hotels and IMAGIN MEDICAL.
Diversification Opportunities for Park Hotels and IMAGIN MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Park and IMAGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Park Hotels Resorts and IMAGIN MEDICAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IMAGIN MEDICAL INC and Park Hotels 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 Park Hotels Resorts are associated (or correlated) with IMAGIN MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IMAGIN MEDICAL INC has no effect on the direction of Park Hotels i.e., Park Hotels and IMAGIN MEDICAL go up and down completely randomly.
Pair Corralation between Park Hotels and IMAGIN MEDICAL
If you would invest 1,275 in Park Hotels Resorts on September 4, 2024 and sell it today you would earn a total of 165.00 from holding Park Hotels Resorts or generate 12.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 96.92% |
| Values | Daily Returns |
Park Hotels Resorts vs. IMAGIN MEDICAL INC
Performance |
| Timeline |
| Park Hotels Resorts |
| IMAGIN MEDICAL INC |
Park Hotels and IMAGIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Park Hotels and IMAGIN MEDICAL
The main advantage of trading using opposite Park Hotels and IMAGIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Park Hotels position performs unexpectedly, IMAGIN MEDICAL 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 IMAGIN MEDICAL will offset losses from the drop in IMAGIN MEDICAL's long position.| Park Hotels vs. INFORMATION SVC GRP | Park Hotels vs. DATANG INTL POW | Park Hotels vs. DOCDATA | Park Hotels vs. ANTA SPORTS PRODUCT |
| IMAGIN MEDICAL vs. Park Hotels Resorts | IMAGIN MEDICAL vs. UET United Electronic | IMAGIN MEDICAL vs. COVIVIO HOTELS INH | IMAGIN MEDICAL vs. Electronic Arts |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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