Pair Correlation Between Papa Johns and Hyatt Hotels

This module allows you to analyze existing cross correlation between Papa Johns International Inc and Hyatt Hotels Corporation. You can compare the effects of market volatilities on Papa Johns and Hyatt Hotels 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 Papa Johns with a short position of Hyatt Hotels. See also your portfolio center. Please also check ongoing floating volatility patterns of Papa Johns and Hyatt Hotels.
 Time Horizon     30 Days    Login   to change
Symbolsvs
 Papa Johns International Inc  vs   Hyatt Hotels Corp.
 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Papa Johns is expected to generate 3.24 times less return on investment than Hyatt Hotels. In addition to that, Papa Johns is 1.46 times more volatile than Hyatt Hotels Corporation. It trades about 0.07 of its total potential returns per unit of risk. Hyatt Hotels Corporation is currently generating about 0.33 per unit of volatility. If you would invest  7,167  in Hyatt Hotels Corporation on December 19, 2017 and sell it today you would earn a total of  601  from holding Hyatt Hotels Corporation or generate 8.39% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Papa Johns and Hyatt Hotels
0.6

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Papa Johns International Inc and Hyatt Hotels Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Hyatt Hotels and Papa Johns 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 Papa Johns International Inc are associated (or correlated) with Hyatt Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hyatt Hotels has no effect on the direction of Papa Johns i.e. Papa Johns and Hyatt Hotels go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Papa Johns Internati

  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Papa Johns International Inc are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

Hyatt Hotels

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Hyatt Hotels Corporation are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.