Correlation Between GARDNER DENVER and Picc Prop

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both GARDNER DENVER and Picc Prop at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining GARDNER DENVER and Picc Prop into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GARDNER DENVER INC and Picc Prop Casualty, you can compare the effects of market volatilities on GARDNER DENVER and Picc Prop 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 GARDNER DENVER with a short position of Picc Prop. Check out your portfolio center. Please also check ongoing floating volatility patterns of GARDNER DENVER and Picc Prop.

Diversification Opportunities for GARDNER DENVER and Picc Prop

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between GARDNER and PPCCF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GARDNER DENVER INC and Picc Prop Casualty in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Picc Prop Casualty and GARDNER DENVER 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 GARDNER DENVER INC are associated (or correlated) with Picc Prop. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Picc Prop Casualty has no effect on the direction of GARDNER DENVER i.e., GARDNER DENVER and Picc Prop go up and down completely randomly.

Pair Corralation between GARDNER DENVER and Picc Prop

If you would invest  96.00  in Picc Prop Casualty on April 7, 2022 and sell it today you would earn a total of  10.00  from holding Picc Prop Casualty or generate 10.42% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

GARDNER DENVER INC  vs.  Picc Prop Casualty

 Performance (%) 
      Timeline 
GARDNER DENVER INC 
GARDNER Performance
0 of 100
Over the last 90 days GARDNER DENVER INC has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable fundamental indicators, GARDNER DENVER is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.
Picc Prop Casualty 
PPCCF Performance
6 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Picc Prop Casualty are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. In spite of rather weak fundamental indicators, Picc Prop may actually be approaching a critical reversion point that can send shares even higher in August 2022.

Structure and Payout Changes

Forward Annual Dividend Yield
0.0599
Payout Ratio
0.38
Last Split Factor
3:2
Forward Annual Dividend Rate
0.06
Dividend Date
2017-08-22
Ex Dividend Date
2022-06-23
Last Split Date
2018-06-27

PPCCF Price Channel

GARDNER DENVER and Picc Prop Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with GARDNER DENVER and Picc Prop

The main advantage of trading using opposite GARDNER DENVER and Picc Prop positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GARDNER DENVER position performs unexpectedly, Picc Prop 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 Picc Prop will offset losses from the drop in Picc Prop's long position.

GARDNER DENVER INC

Pair trading matchups for GARDNER DENVER

The idea behind GARDNER DENVER INC and Picc Prop Casualty pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.

Other Complementary Tools

Analyst Recommendations
Analyst recommendations and target price estimates broken down by several categories
Go
Theme Ratings
Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance
Go
CEO Directory
Screen CEOs from public companies around the world
Go
Global Correlations
Find global opportunities by holding instruments from different markets
Go
Fundamentals Comparison
Compare fundamentals across multiple equities to find investing opportunities
Go