Correlation Between CINTAS and Park Hotels
Specify exactly 2 symbols:
By analyzing existing cross correlation between CINTAS P NO and Park Hotels Resorts, you can compare the effects of market volatilities on CINTAS and Park 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 CINTAS with a short position of Park Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of CINTAS and Park Hotels.
Diversification Opportunities for CINTAS and Park Hotels
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between CINTAS and Park is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding CINTAS P NO and Park Hotels Resorts in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Park Hotels Resorts and CINTAS 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 CINTAS P NO are associated (or correlated) with Park Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Park Hotels Resorts has no effect on the direction of CINTAS i.e., CINTAS and Park Hotels go up and down completely randomly.
Pair Corralation between CINTAS and Park Hotels
Assuming the 90 days trading horizon CINTAS is expected to generate 2.06 times less return on investment than Park Hotels. But when comparing it to its historical volatility, CINTAS P NO is 1.64 times less risky than Park Hotels. It trades about 0.17 of its potential returns per unit of risk. Park Hotels Resorts is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 1,415 in Park Hotels Resorts on September 4, 2024 and sell it today you would earn a total of 123.00 from holding Park Hotels Resorts or generate 8.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 33.33% |
| Values | Daily Returns |
CINTAS P NO vs. Park Hotels Resorts
Performance |
| Timeline |
| CINTAS P NO |
| Park Hotels Resorts |
CINTAS and Park Hotels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CINTAS and Park Hotels
The main advantage of trading using opposite CINTAS and Park Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CINTAS position performs unexpectedly, Park 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 Park Hotels will offset losses from the drop in Park Hotels' long position.| CINTAS vs. Park Hotels Resorts | CINTAS vs. Ryman Hospitality Properties | CINTAS vs. TFI International | CINTAS vs. Lindblad Expeditions Holdings |
| 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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |