Correlation Between SINCLAIRS HOTELS and Juniper Hotels
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By analyzing existing cross correlation between SINCLAIRS HOTELS ORD and Juniper Hotels, you can compare the effects of market volatilities on SINCLAIRS HOTELS and Juniper Hotels 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 SINCLAIRS HOTELS with a short position of Juniper Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of SINCLAIRS HOTELS and Juniper Hotels.
Diversification Opportunities for SINCLAIRS HOTELS and Juniper Hotels
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between SINCLAIRS and Juniper is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding SINCLAIRS HOTELS ORD and Juniper Hotels in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juniper Hotels and SINCLAIRS 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 SINCLAIRS HOTELS ORD are associated (or correlated) with Juniper Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juniper Hotels has no effect on the direction of SINCLAIRS HOTELS i.e., SINCLAIRS HOTELS and Juniper Hotels go up and down completely randomly.
Pair Corralation between SINCLAIRS HOTELS and Juniper Hotels
Assuming the 90 days trading horizon SINCLAIRS HOTELS ORD is expected to under-perform the Juniper Hotels. But the stock apears to be less risky and, when comparing its historical volatility, SINCLAIRS HOTELS ORD is 1.4 times less risky than Juniper Hotels. The stock trades about -0.13 of its potential returns per unit of risk. The Juniper Hotels is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 40,150 in Juniper Hotels on August 26, 2024 and sell it today you would lose (9,010) from holding Juniper Hotels or give up 22.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 84.24% |
| Values | Daily Returns |
SINCLAIRS HOTELS ORD vs. Juniper Hotels
Performance |
| Timeline |
| SINCLAIRS HOTELS ORD |
| Juniper Hotels |
SINCLAIRS HOTELS and Juniper Hotels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SINCLAIRS HOTELS and Juniper Hotels
The main advantage of trading using opposite SINCLAIRS HOTELS and Juniper Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SINCLAIRS HOTELS position performs unexpectedly, Juniper Hotels 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 Juniper Hotels will offset losses from the drop in Juniper Hotels' long position.| SINCLAIRS HOTELS vs. The Indian Hotels | SINCLAIRS HOTELS vs. Chalet Hotels Limited | SINCLAIRS HOTELS vs. Lemon Tree Hotels | SINCLAIRS HOTELS vs. Juniper Hotels |
| Juniper Hotels vs. MMTC Limited | Juniper Hotels vs. Kingfa Science Technology | Juniper Hotels vs. Rico Auto Industries | Juniper Hotels vs. GACM Technologies Limited |
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.
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