Correlation Between Picc Prop and GARDNER DENVER

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Picc Prop and GARDNER DENVER 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 Picc Prop and GARDNER DENVER into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Picc Prop Casualty and GARDNER DENVER INC, you can compare the effects of market volatilities on Picc Prop and GARDNER DENVER 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 Picc Prop with a short position of GARDNER DENVER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Picc Prop and GARDNER DENVER.

Diversification Opportunities for Picc Prop and GARDNER DENVER

0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between Picc Prop and GARDNER DENVER

If you would invest  96.00  in Picc Prop Casualty on April 2, 2022 and sell it today you would earn a total of  5.00  from holding Picc Prop Casualty or generate 5.21% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Picc Prop Casualty  vs.  GARDNER DENVER INC

 Performance (%) 
      Timeline 
Picc Prop Casualty 
PPCCF Performance
4 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Picc Prop Casualty are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. In spite of rather sluggish 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 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 and GARDNER DENVER Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with Picc Prop and GARDNER DENVER

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

Picc Prop Casualty

Pair trading matchups for Picc Prop

The idea behind Picc Prop Casualty and GARDNER DENVER INC 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.

GARDNER DENVER INC

Pair trading matchups for GARDNER DENVER

RENEWI PLC vs. GARDNER DENVER
BP PLC vs. GARDNER DENVER
Vmware vs. GARDNER DENVER
International Business vs. GARDNER DENVER
Arca Biopharma vs. GARDNER DENVER
Cyclacel Pharmaceuti vs. GARDNER DENVER
MITIE GROUP vs. GARDNER DENVER
Alzamend Neuro vs. GARDNER DENVER
Liquidia Corp vs. GARDNER DENVER
Solo Brands vs. GARDNER DENVER
ATT vs. GARDNER DENVER
Sentinelone Inc vs. GARDNER DENVER
The effect of pair diversification on risk is to reduce it, but we should note this doesn't apply to all risk types. When we trade pairs against GARDNER DENVER as a counterpart, there is always some inherent risk that will never be diversified away no matter what. This volatility limits the effect of tactical diversification using pair trading. GARDNER DENVER's systematic risk is the inherent uncertainty of the entire market, and therefore cannot be mitigated even by pair-trading it against the equity that is not highly correlated to it. On the other hand, GARDNER DENVER's unsystematic risk describes the types of risk that we can protect against, at least to some degree, by selecting a matching pair that is not perfectly correlated to GARDNER DENVER INC.
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.

Other Complementary Tools

Equity Forecasting
Use basic forecasting models to generate price predictions and determine price momentum
Go
Performance Analysis
Check effects of mean-variance optimization against your current asset allocation
Go
Pattern Recognition
Use different Pattern Recognition models to time the market across multiple global exchanges
Go
Options Analysis
Analyze and evaluate options and option chains as a potential hedge for your portfolios
Go
Sync Your Broker
Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors.
Go
Balance Of Power
Check stock momentum by analyzing Balance Of Power indicator and other technical ratios
Go
Fundamental Analysis
View fundamental data based on most recent published financial statements
Go
Price Exposure Probability
Analyze equity upside and downside potential for a given time horizon across multiple markets
Go
Idea Breakdown
Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes
Go
Competition Analyzer
Analyze and compare many basic indicators for a group of related or unrelated entities
Go