Sands China Correlations

SCHYY Stock  USD 22.05  0.81  3.54%   
The correlation of Sands China 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Sands China Correlation With Market

Significant diversification

The correlation between Sands China Ltd and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Sands China Ltd and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to Sands China could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Sands China 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 Sands China - 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 Sands China Ltd to buy it.

Moving together with Sands Pink Sheet

  0.95LVS Las Vegas SandsPairCorr
  0.84GXYYY Galaxy EntertainmentPairCorr
  0.82SCHYF Sands ChinaPairCorr
  0.66PBCRY Bank Central AsiaPairCorr

Moving against Sands Pink Sheet

  0.85SPH Suburban Propane PartnersPairCorr
  0.73ALMTF Almonty IndustriesPairCorr
  0.71VEON VEONPairCorr
  0.7ORI Old Republic InternaPairCorr
  0.69RBC RBC BearingsPairCorr
  0.68CHKP Check Point SoftwarePairCorr
  0.61MPW Medical Properties TrustPairCorr
  0.61BEST BEST IncPairCorr
  0.56WF Woori Financial GroupPairCorr
  0.45SEVCD Sono Group NV TrendingPairCorr
  0.85EPD Enterprise ProductsPairCorr
  0.82BB BlackBerryPairCorr
  0.8SATS EchoStarPairCorr
  0.76CSCO Cisco SystemsPairCorr

Related Correlations Analysis

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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   
CZRMGM
LVSMSC
RRRMGM
RRRMCRI
RRRCZR
MLCOWYNN
  
High negative correlations   
PLYAMSC
MCRISJMHY
LVSPLYA
MLCOPLYA
MCRIMSC
PLYASJMHY

Risk-Adjusted Indicators

There is a big difference between Sands Pink Sheet performing well and Sands China 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 Sands China'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
SJMHY  0.44  0.02  0.00 (0.21) 0.00 
 0.00 
 25.03 
MSC  4.76 (0.59) 0.00  0.81  0.00 
 15.97 
 38.66 
MCRI  1.15 (0.03) 0.00 (0.12) 0.00 
 1.58 
 11.31 
PLYA  1.27  0.50  0.41  0.63  0.64 
 2.32 
 31.78 
LVS  1.69 (0.27) 0.00 (0.89) 0.00 
 2.22 
 16.07 
MGM  1.71 (0.05) 0.00 (0.11) 0.00 
 2.38 
 23.46 
CZR  1.86 (0.23) 0.00 (0.24) 0.00 
 3.49 
 15.59 
WYNN  1.68 (0.09) 0.00 (0.20) 0.00 
 3.54 
 13.57 
RRR  1.41 (0.02) 0.00 (0.09) 0.00 
 2.97 
 9.16 
MLCO  2.20 (0.18) 0.00 (0.26) 0.00 
 4.55 
 13.37 

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Our tools can tell you how much better you can do entering a position in Sands China 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.

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