PARKWAY LIFE Correlations

3P51 Stock

EUR 2.61 0.02 0.76%

The current 90-days correlation between PARKWAY LIFE REAL and Sabra Health Care is 0.05 (i.e., Significant diversification). The correlation of PARKWAY LIFE is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

PARKWAY LIFE Correlation With Market

Good diversification

The correlation between PARKWAY LIFE REAL and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding PARKWAY LIFE REAL and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to PARKWAY LIFE could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace PARKWAY LIFE when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back PARKWAY LIFE - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling PARKWAY LIFE REAL to buy it.

Moving against PARKWAY Stock

0.62	OYC	Delta Air Lines	Pair Corr
0.61	5F3	JINS HOLDINGS INC	Pair Corr
0.6	HCW	Welltower	Pair Corr
0.59	LTP	LTC Properties	Pair Corr
0.57	MEL	Meli Hotels International	Pair Corr
0.5	WX4	Omega Healthcare Inv	Pair Corr
0.48	GEG	GEO Group	Pair Corr
0.46	AMZ	Amazon Inc	Pair Corr
0.45	AMZ	Amazon Inc	Pair Corr
0.45	XGH	ENN Energy Holdings	Pair Corr
0.41	DTE	Deutsche Telekom	Pair Corr
0.37	WMT	Walmart	Pair Corr
0.37	WMT	Walmart	Pair Corr
0.35	SBC	Sabra Health Care	Pair Corr
0.35	CHV	CHEVRON Dusseldorf	Pair Corr
0.55	CZH	Choice Hotels Intern	Pair Corr
0.54	HBM	HORNBACH Baumarkt	Pair Corr
0.53	ERT	ELECTRONIC ARTS	Pair Corr
0.52	NVD	NVIDIA	Pair Corr
0.5	FDX	FedEx	Pair Corr
0.44	OTP	OTP Bank Nyrt	Pair Corr
0.43	DTG	Daimler Truck Holding	Pair Corr
0.43	AIRA	Airbus SE	Pair Corr

Related Correlations Analysis

	SBC	WY8	8SP	6NM	2DG	TLX	TM9	INVN	IUI1	6HW
SBC		0.4	-0.4	0.09	-0.49	-0.13	0.06	0.24	0.39	-0.3	SBC
WY8	0.4		0.29	0.61	-0.21	-0.05	0.36	0.09	-0.1	-0.12	WY8
8SP	-0.4	0.29		0.59	0.5	-0.23	0.51	-0.37	-0.67	0.15	8SP
6NM	0.09	0.61	0.59		0.03	0.03	0.24	0.04	-0.24	-0.25	6NM
2DG	-0.49	-0.21	0.5	0.03		-0.62	0.43	-0.72	-0.83	0.27	2DG
TLX	-0.13	-0.05	-0.23	0.03	-0.62		-0.65	0.83	0.71	0.06	TLX
TM9	0.06	0.36	0.51	0.24	0.43	-0.65		-0.6	-0.66	-0.11	TM9
INVN	0.24	0.09	-0.37	0.04	-0.72	0.83	-0.6		0.79	0.01	INVN
IUI1	0.39	-0.1	-0.67	-0.24	-0.83	0.71	-0.66	0.79		-0.18	IUI1
6HW	-0.3	-0.12	0.15	-0.25	0.27	0.06	-0.11	0.01	-0.18		6HW
	SBC	WY8	8SP	6NM	2DG	TLX	TM9	INVN	IUI1	6HW

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

INVN	+ 0.83	TLX
IUI1	+ 0.79	INVN
IUI1	+ 0.71	TLX
6NM	+ 0.61	WY8
6NM	+ 0.59	8SP
TM9	+ 0.51	8SP

High negative correlations

IUI1	- 0.83	2DG
INVN	- 0.72	2DG
IUI1	- 0.67	8SP
IUI1	- 0.66	TM9
TM9	- 0.65	TLX
TLX	- 0.62	2DG

Risk-Adjusted Indicators

There is a big difference between PARKWAY Stock performing well and PARKWAY LIFE Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze PARKWAY LIFE's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SBC	1.31	(0.06)	0.00	0.42	0.00	0.00	2.49	(3.11)	9.07
WY8	1.19	(0.17)	0.00	40.71	0.00	0.00	2.75	(2.22)	9.79
8SP	2.10	(0.14)	0.00	0.25	0.00	0.00	3.17	(4.56)	20.22
6NM	1.29	(0.09)	0.00	0.59	0.00	0.00	2.89	(4.32)	9.64
2DG	5.99	(0.01)	0.00	0.00	8.15	(9.89)	13.64	(10.53)	52.42
TLX	1.07	0.21	0.14	(1.08)	1.10	(1.12)	2.67	(1.85)	7.58
TM9	2.81	(0.16)	0.00	(2.05)	0.00	0.00	7.26	(6.43)	30.27
INVN	2.26	0.21	0.07	(3.24)	2.52	(2.54)	5.45	(4.00)	14.01
IUI1	1.23	0.27	0.19	1.33	1.05	(1.39)	3.28	(1.96)	10.73
6HW	0.46	0.00	(0.01)	0.00	0.68	(1.17)	1.43	(1.41)	4.04

Be your own money manager

Our tools can tell you how much better you can do entering a position in PARKWAY LIFE without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

Did you try this?

Run Portfolio Rebalancing Now

Portfolio Rebalancing

Analyze risk-adjusted returns against different time horizons to find asset-allocation targets

All Next

Launch Module

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC