Correlation Between Summit Hotel and FEDEX
Specify exactly 2 symbols:
By analyzing existing cross correlation between Summit Hotel Properties and FEDEX P 45, you can compare the effects of market volatilities on Summit Hotel and FEDEX 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 Summit Hotel with a short position of FEDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Summit Hotel and FEDEX.
Diversification Opportunities for Summit Hotel and FEDEX
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Summit and FEDEX is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Summit Hotel Properties and FEDEX P 45 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FEDEX P 45 and Summit Hotel 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 Summit Hotel Properties are associated (or correlated) with FEDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FEDEX P 45 has no effect on the direction of Summit Hotel i.e., Summit Hotel and FEDEX go up and down completely randomly.
Pair Corralation between Summit Hotel and FEDEX
Considering the 90-day investment horizon Summit Hotel Properties is expected to generate 1.29 times more return on investment than FEDEX. However, Summit Hotel is 1.29 times more volatile than FEDEX P 45. It trades about 0.14 of its potential returns per unit of risk. FEDEX P 45 is currently generating about -0.08 per unit of risk. If you would invest 643.00 in Summit Hotel Properties on September 13, 2024 and sell it today you would earn a total of 38.50 from holding Summit Hotel Properties or generate 5.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 63.64% |
| Values | Daily Returns |
Summit Hotel Properties vs. FEDEX P 45
Performance |
| Timeline |
| Summit Hotel Properties |
| FEDEX P 45 |
Summit Hotel and FEDEX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Summit Hotel and FEDEX
The main advantage of trading using opposite Summit Hotel and FEDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Summit Hotel position performs unexpectedly, FEDEX 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 FEDEX will offset losses from the drop in FEDEX's long position.| Summit Hotel vs. Park Hotels Resorts | Summit Hotel vs. Diamondrock Hospitality | Summit Hotel vs. Ryman Hospitality Properties | Summit Hotel vs. Pebblebrook Hotel Trust |
| FEDEX vs. Weyco Group | FEDEX vs. Alchemy Investments Acquisition | FEDEX vs. Acme United | FEDEX vs. Lincoln Electric Holdings |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |