Correlation Between Park Hotels and BATSLN
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By analyzing existing cross correlation between Park Hotels Resorts and BATSLN 475 01 NOV 42, you can compare the effects of market volatilities on Park Hotels and BATSLN 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 BATSLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Park Hotels and BATSLN.
Diversification Opportunities for Park Hotels and BATSLN
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Park and BATSLN is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Park Hotels Resorts and BATSLN 475 01 NOV 42 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BATSLN 475 01 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 BATSLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BATSLN 475 01 has no effect on the direction of Park Hotels i.e., Park Hotels and BATSLN go up and down completely randomly.
Pair Corralation between Park Hotels and BATSLN
Allowing for the 90-day total investment horizon Park Hotels Resorts is expected to generate 0.56 times more return on investment than BATSLN. However, Park Hotels Resorts is 1.78 times less risky than BATSLN. It trades about 0.27 of its potential returns per unit of risk. BATSLN 475 01 NOV 42 is currently generating about -0.03 per unit of risk. If you would invest 1,415 in Park Hotels Resorts on September 5, 2024 and sell it today you would earn a total of 166.00 from holding Park Hotels Resorts or generate 11.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 27.27% |
| Values | Daily Returns |
Park Hotels Resorts vs. BATSLN 475 01 NOV 42
Performance |
| Timeline |
| Park Hotels Resorts |
| BATSLN 475 01 |
Park Hotels and BATSLN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Park Hotels and BATSLN
The main advantage of trading using opposite Park Hotels and BATSLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Park Hotels position performs unexpectedly, BATSLN 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 BATSLN will offset losses from the drop in BATSLN's long position.| Park Hotels vs. Diamondrock Hospitality | Park Hotels vs. Ryman Hospitality Properties | Park Hotels vs. Service Properties Trust |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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