Correlation Between Ceragon Networks and Sixt SE
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By analyzing existing cross correlation between Ceragon Networks and Sixt SE, you can compare the effects of market volatilities on Ceragon Networks and Sixt SE 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 Ceragon Networks with a short position of Sixt SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ceragon Networks and Sixt SE.
Diversification Opportunities for Ceragon Networks and Sixt SE
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ceragon and Sixt is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Ceragon Networks and Sixt SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sixt SE and Ceragon Networks 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 Ceragon Networks are associated (or correlated) with Sixt SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sixt SE has no effect on the direction of Ceragon Networks i.e., Ceragon Networks and Sixt SE go up and down completely randomly.
Pair Corralation between Ceragon Networks and Sixt SE
Given the investment horizon of 90 days Ceragon Networks is expected to generate 1.6 times more return on investment than Sixt SE. However, Ceragon Networks is 1.6 times more volatile than Sixt SE. It trades about 0.07 of its potential returns per unit of risk. Sixt SE is currently generating about 0.02 per unit of risk. If you would invest 202.00 in Ceragon Networks on September 3, 2024 and sell it today you would earn a total of 252.00 from holding Ceragon Networks or generate 124.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.02% |
| Values | Daily Returns |
Ceragon Networks vs. Sixt SE
Performance |
| Timeline |
| Ceragon Networks |
| Sixt SE |
Ceragon Networks and Sixt SE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ceragon Networks and Sixt SE
The main advantage of trading using opposite Ceragon Networks and Sixt SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ceragon Networks position performs unexpectedly, Sixt SE 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 Sixt SE will offset losses from the drop in Sixt SE's long position.| Ceragon Networks vs. Cambium Networks Corp | Ceragon Networks vs. KVH Industries | Ceragon Networks vs. Knowles Cor | Ceragon Networks vs. AudioCodes |
| Sixt SE vs. The Trade Desk | Sixt SE vs. FLOW TRADERS LTD | Sixt SE vs. Hyatt Hotels | Sixt SE vs. SALESFORCE INC CDR |
Check out your portfolio center.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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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