Correlation Between Planet Fitness and Sinclair
Specify exactly 2 symbols:
By analyzing existing cross correlation between Planet Fitness and Sinclair Television Group, you can compare the effects of market volatilities on Planet Fitness and Sinclair 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 Planet Fitness with a short position of Sinclair. Check out your portfolio center. Please also check ongoing floating volatility patterns of Planet Fitness and Sinclair.
Diversification Opportunities for Planet Fitness and Sinclair
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Planet and Sinclair is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Planet Fitness and Sinclair Television Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinclair Television and Planet Fitness 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 Planet Fitness are associated (or correlated) with Sinclair. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinclair Television has no effect on the direction of Planet Fitness i.e., Planet Fitness and Sinclair go up and down completely randomly.
Pair Corralation between Planet Fitness and Sinclair
Given the investment horizon of 90 days Planet Fitness is expected to generate 2.78 times more return on investment than Sinclair. However, Planet Fitness is 2.78 times more volatile than Sinclair Television Group. It trades about 0.39 of its potential returns per unit of risk. Sinclair Television Group is currently generating about -0.14 per unit of risk. If you would invest 8,014 in Planet Fitness on August 30, 2024 and sell it today you would earn a total of 2,088 from holding Planet Fitness or generate 26.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 68.18% |
| Values | Daily Returns |
Planet Fitness vs. Sinclair Television Group
Performance |
| Timeline |
| Planet Fitness |
| Sinclair Television |
Planet Fitness and Sinclair Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Planet Fitness and Sinclair
The main advantage of trading using opposite Planet Fitness and Sinclair positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Planet Fitness position performs unexpectedly, Sinclair 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 Sinclair will offset losses from the drop in Sinclair's long position.| Planet Fitness vs. Chipotle Mexican Grill | Planet Fitness vs. Yum Brands | Planet Fitness vs. The Wendys Co | Planet Fitness vs. McDonalds |
| Sinclair vs. Analog Devices | Sinclair vs. CapitaLand Investment Limited | Sinclair vs. Fidus Investment Corp | Sinclair vs. Montauk Renewables |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |