Correlation Between Park Ohio and TELVIS
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By analyzing existing cross correlation between Park Ohio Holdings and TELVIS 525 24 MAY 49, you can compare the effects of market volatilities on Park Ohio and TELVIS 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 Ohio with a short position of TELVIS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Park Ohio and TELVIS.
Diversification Opportunities for Park Ohio and TELVIS
Very good diversification
The 3 months correlation between Park and TELVIS is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Park Ohio Holdings and TELVIS 525 24 MAY 49 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TELVIS 525 24 and Park Ohio 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 Ohio Holdings are associated (or correlated) with TELVIS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TELVIS 525 24 has no effect on the direction of Park Ohio i.e., Park Ohio and TELVIS go up and down completely randomly.
Pair Corralation between Park Ohio and TELVIS
Given the investment horizon of 90 days Park Ohio is expected to generate 5.08 times less return on investment than TELVIS. But when comparing it to its historical volatility, Park Ohio Holdings is 2.39 times less risky than TELVIS. It trades about 0.19 of its potential returns per unit of risk. TELVIS 525 24 MAY 49 is currently generating about 0.4 of returns per unit of risk over similar time horizon. If you would invest 7,896 in TELVIS 525 24 MAY 49 on September 2, 2024 and sell it today you would earn a total of 1,686 from holding TELVIS 525 24 MAY 49 or generate 21.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 28.57% |
| Values | Daily Returns |
Park Ohio Holdings vs. TELVIS 525 24 MAY 49
Performance |
| Timeline |
| Park Ohio Holdings |
| TELVIS 525 24 |
Park Ohio and TELVIS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Park Ohio and TELVIS
The main advantage of trading using opposite Park Ohio and TELVIS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Park Ohio position performs unexpectedly, TELVIS 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 TELVIS will offset losses from the drop in TELVIS's long position.| Park Ohio vs. Hurco Companies | Park Ohio vs. Enerpac Tool Group | Park Ohio vs. China Yuchai International | Park Ohio vs. Luxfer Holdings PLC |
| TELVIS vs. Hf Foods Group | TELVIS vs. Park Ohio Holdings | TELVIS vs. Emerson Electric | TELVIS vs. Usio Inc |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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