UNITED RENTALS Correlations

UR3 Stock

EUR 798.60 24.60 3.18%

The correlation of UNITED RENTALS 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.

UNITED RENTALS Correlation With Market

Modest diversification

The correlation between UNITED RENTALS and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding UNITED RENTALS and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to UNITED RENTALS could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace UNITED RENTALS 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 UNITED RENTALS - 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 UNITED RENTALS to buy it.

Moving together with UNITED Stock

0.78	APC	Apple Inc	Pair Corr
0.81	APC	Apple Inc	Pair Corr
0.82	APC	Apple Inc	Pair Corr
0.8	APC	Apple Inc	Pair Corr
0.73	MSF	Microsoft	Pair Corr
0.71	MSF	Microsoft	Pair Corr
0.74	MSF	Microsoft	Pair Corr
0.74	MSF	Microsoft	Pair Corr
0.74	MSF	Microsoft	Pair Corr
0.85	AMZ	Amazon Inc	Pair Corr
0.67	27J	Impinj Inc	Pair Corr
0.82	ADH2	Air Canada	Pair Corr
0.72	DBPE	Xtrackers LevDAX	Pair Corr

Moving against UNITED Stock

0.87	CXT	Carmat SA	Pair Corr
0.74	DBPD	Xtrackers ShortDAX	Pair Corr
0.34	MTO	Mitie Group PLC	Pair Corr
0.32	MTO	METTLER TOLEDO INTL	Pair Corr
0.32	MTO	METTLER TOLEDO INTL	Pair Corr

Related Correlations Analysis

	CAO	XS4	JJ1	ISM	XSFA	Z85	VNX
CAO		0.03	-0.71	-0.6	-0.65	-0.35	-0.13	CAO
XS4	0.03		-0.01	-0.17	-0.17	-0.1	0.69	XS4
JJ1	-0.71	-0.01		0.64	0.68	0.24	0.04	JJ1
ISM	-0.6	-0.17	0.64		0.73	0.27	-0.12	ISM
XSFA	-0.65	-0.17	0.68	0.73		0.38	-0.14	XSFA
Z85	-0.35	-0.1	0.24	0.27	0.38		0.11	Z85
VNX	-0.13	0.69	0.04	-0.12	-0.14	0.11		VNX
	CAO	XS4	JJ1	ISM	XSFA	Z85	VNX

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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

XSFA	+ 0.73	ISM
VNX	+ 0.69	XS4
XSFA	+ 0.68	JJ1
ISM	+ 0.64	JJ1
Z85	+ 0.38	XSFA
Z85	+ 0.27	ISM

High negative correlations

JJ1	- 0.71	CAO
XSFA	- 0.65	CAO
ISM	- 0.6	CAO
Z85	- 0.35	CAO
XSFA	- 0.17	XS4
ISM	- 0.17	XS4

Risk-Adjusted Indicators

There is a big difference between UNITED Stock performing well and UNITED RENTALS 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 UNITED RENTALS'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
CAO	1.01	(0.07)	0.00	(0.10)	0.00	0.00	2.55	(2.29)	10.82
XS4	1.92	0.01	(0.05)	0.02	2.53	(1.99)	3.67	(3.70)	13.77
JJ1	0.63	0.05	(0.08)	(0.12)	0.71	(1.20)	1.33	(1.34)	5.69
ISM	2.23	0.26	0.05	0.47	2.51	(4.04)	5.26	(5.00)	22.46
XSFA	1.80	0.27	0.08	0.36	2.28	(2.39)	4.13	(4.55)	16.74
Z85	1.40	0.07	(0.01)	0.35	1.45	(1.61)	3.32	(2.58)	7.27
VNX	1.41	(0.07)	0.00	(0.15)	0.00	0.00	2.73	(3.15)	13.22

Be your own money manager

Our tools can tell you how much better you can do entering a position in UNITED RENTALS 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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