Correlation Between Park Ohio and SANDS
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By analyzing existing cross correlation between Park Ohio Holdings and SANDS CHINA LTD, you can compare the effects of market volatilities on Park Ohio and SANDS 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 SANDS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Park Ohio and SANDS.
Diversification Opportunities for Park Ohio and SANDS
Excellent diversification
The 3 months correlation between Park and SANDS is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Park Ohio Holdings and SANDS CHINA LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SANDS CHINA LTD 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 SANDS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SANDS CHINA LTD has no effect on the direction of Park Ohio i.e., Park Ohio and SANDS go up and down completely randomly.
Pair Corralation between Park Ohio and SANDS
Given the investment horizon of 90 days Park Ohio Holdings is expected to generate 10.68 times more return on investment than SANDS. However, Park Ohio is 10.68 times more volatile than SANDS CHINA LTD. It trades about 0.18 of its potential returns per unit of risk. SANDS CHINA LTD is currently generating about -0.22 per unit of risk. If you would invest 2,838 in Park Ohio Holdings on September 3, 2024 and sell it today you would earn a total of 379.00 from holding Park Ohio Holdings or generate 13.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 85.0% |
| Values | Daily Returns |
Park Ohio Holdings vs. SANDS CHINA LTD
Performance |
| Timeline |
| Park Ohio Holdings |
| SANDS CHINA LTD |
Park Ohio and SANDS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Park Ohio and SANDS
The main advantage of trading using opposite Park Ohio and SANDS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Park Ohio position performs unexpectedly, SANDS 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 SANDS will offset losses from the drop in SANDS'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 |
| SANDS vs. Ryman Hospitality Properties | SANDS vs. FTAI Aviation Ltd | SANDS vs. Meli Hotels International | SANDS vs. Global Ship Lease |
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 CEOs Directory module to screen CEOs from public companies around the world.
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