Sands China Correlations

SCHYY Stock

USD 23.32 0.63 2.78%

The current 90-days correlation between Sands China and SJM Holdings Ltd is 0.09 (i.e., Significant diversification). 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

Good diversification

The correlation between Sands China Ltd and DJI is -0.03 (i.e., Good 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

0.87	LVS	Las Vegas Sands	Pair Corr
0.88	GXYYY	Galaxy Entertainment	Pair Corr
0.82	SCHYF	Sands China	Pair Corr

Moving against Sands Pink Sheet

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0.84	FDUS	Fidus Investment Corp	Pair Corr
0.82	ACMR	Acm Research Tech Boost	Pair Corr
0.79	PINS	Pinterest	Pair Corr
0.77	ASCCY	Asics Corp ADR	Pair Corr
0.73	NVAAF	Nova Minerals Limited	Pair Corr
0.69	HIMS	Hims Hers Health	Pair Corr
0.66	BLBX	Blackboxstocks	Pair Corr
0.63	KORE	KORE Group Holdings	Pair Corr
0.62	CMRX	Chimerix	Pair Corr
0.61	FMCCM	Federal Home Loan	Pair Corr
0.53	NEUP	Neuphoria Therapeutics Symbol Change	Pair Corr
0.48	CCB	Coastal Financial Corp Normal Trading	Pair Corr
0.9	MPLX	MPLX LP	Pair Corr
0.87	DHT	DHT Holdings	Pair Corr
0.84	RILYM	B Riley Financial,	Pair Corr
0.83	YAMCF	Yamaha	Pair Corr
0.82	NEM	Newmont Goldcorp Corp	Pair Corr
0.76	FSHPU	Flag Ship Acquisition	Pair Corr
0.73	SNWV	SANUWAVE Health	Pair Corr
0.7	CUB	Lionheart Holdings	Pair Corr
0.69	AXGN	Axogen Inc	Pair Corr
0.68	PTMN	Portman Ridge Finance Earnings Call Next Week	Pair Corr

Related Correlations Analysis

	SJMHY	MSC	MCRI	PLYA	LVS	MGM	CZR	WYNN	RRR	MLCO
SJMHY		0.37	-0.83	-0.01	0.22	-0.59	-0.58	-0.35	-0.8	-0.18	SJMHY
MSC	0.37		-0.55	-0.44	0.9	0.11	0.1	0.45	-0.32	0.69	MSC
MCRI	-0.83	-0.55		0.16	-0.46	0.62	0.64	0.26	0.9	0.09	MCRI
PLYA	-0.01	-0.44	0.16		-0.65	-0.07	-0.02	-0.52	0.17	-0.56	PLYA
LVS	0.22	0.9	-0.46	-0.65		0.2	0.04	0.61	-0.29	0.74	LVS
MGM	-0.59	0.11	0.62	-0.07	0.2		0.82	0.58	0.77	0.59	MGM
CZR	-0.58	0.1	0.64	-0.02	0.04	0.82		0.41	0.8	0.55	CZR
WYNN	-0.35	0.45	0.26	-0.52	0.61	0.58	0.41		0.36	0.82	WYNN
RRR	-0.8	-0.32	0.9	0.17	-0.29	0.77	0.8	0.36		0.26	RRR
MLCO	-0.18	0.69	0.09	-0.56	0.74	0.59	0.55	0.82	0.26		MLCO
	SJMHY	MSC	MCRI	PLYA	LVS	MGM	CZR	WYNN	RRR	MLCO

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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

LVS	+ 0.9	MSC
RRR	+ 0.9	MCRI
CZR	+ 0.82	MGM
MLCO	+ 0.82	WYNN
RRR	+ 0.8	CZR
RRR	+ 0.77	MGM

High negative correlations

MCRI	- 0.83	SJMHY
RRR	- 0.8	SJMHY
LVS	- 0.65	PLYA
MGM	- 0.59	SJMHY
CZR	- 0.58	SJMHY
MLCO	- 0.56	PLYA

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SJMHY	0.44	0.02	0.00	(0.15)	0.00	0.00	0.00	0.00	25.03
MSC	4.15	(1.33)	0.00	(4.76)	0.00	0.00	6.84	(8.75)	38.66
MCRI	1.07	0.15	0.10	0.21	1.52	(1.08)	1.54	(2.53)	11.31
PLYA	1.44	0.59	0.41	0.52	0.80	(1.77)	2.72	(1.84)	31.78
LVS	1.66	(0.27)	0.00	(2.85)	0.00	0.00	2.22	(3.93)	16.07
MGM	1.44	(0.08)	0.00	(0.30)	0.00	0.00	2.04	(2.86)	23.46
CZR	1.53	(0.16)	0.00	(0.26)	0.00	0.00	2.29	(3.79)	15.59
WYNN	1.57	0.01	0.00	(0.05)	0.00	0.00	2.69	(3.22)	13.57
RRR	1.13	0.02	0.03	(0.02)	1.59	(1.15)	2.69	(2.50)	6.38
MLCO	2.19	(0.19)	0.00	(0.48)	0.00	0.00	4.55	(4.66)	13.37

Be your own money manager

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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