Correlation Between Chart Industries and Standex International

Can any of the company-specific risk be diversified away by investing in both Chart Industries and Standex International 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 Chart Industries and Standex International into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Chart Industries and Standex International, you can compare the effects of market volatilities on Chart Industries and Standex International 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 Chart Industries with a short position of Standex International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chart Industries and Standex International.

Diversification Opportunities for Chart Industries and Standex International

-0.15

Correlation Coefficient

Chart Industries  Standex International

Good diversification

The 3 months correlation between Chart and Standex is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Chart Industries and Standex International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Standex International and Chart Industries 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 Chart Industries are associated (or correlated) with Standex International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Standex International has no effect on the direction of Chart Industries i.e., Chart Industries and Standex International go up and down completely randomly.

Pair Corralation between Chart Industries and Standex International

Given the investment horizon of 90 days Chart Industries is expected to generate 162.77 times less return on investment than Standex International. But when comparing it to its historical volatility, Chart Industries is 13.63 times less risky than Standex International. It trades about 0.02 of its potential returns per unit of risk. Standex International is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest  16,485  in Standex International on July 30, 2025 and sell it today you would earn a total of  7,778  from holding Standex International or generate 47.18% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Chart Industries  vs.  Standex International

Chart Industries

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Chart Industries are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively stable essential indicators, Chart Industries is not utilizing all of its potentials. The newest stock price uproar, may contribute to short-horizon losses for the private investors.

Standex International

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Standex International are ranked lower than 20 (%) of all global equities and portfolios over the last 90 days. Despite fairly unsteady basic indicators, Standex International demonstrated solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Chart Industries and Standex International

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

The idea behind Chart Industries and Standex International 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.

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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 the Technical Analysis module to check basic technical indicators and analysis based on most latest market data.