Correlation Between EIDESVIK OFFSHORE and Sixt SE
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By analyzing existing cross correlation between EIDESVIK OFFSHORE NK and Sixt SE, you can compare the effects of market volatilities on EIDESVIK OFFSHORE 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 EIDESVIK OFFSHORE with a short position of Sixt SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of EIDESVIK OFFSHORE and Sixt SE.
Diversification Opportunities for EIDESVIK OFFSHORE and Sixt SE
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between EIDESVIK and Sixt is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding EIDESVIK OFFSHORE NK and Sixt SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sixt SE and EIDESVIK OFFSHORE 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 EIDESVIK OFFSHORE NK 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 EIDESVIK OFFSHORE i.e., EIDESVIK OFFSHORE and Sixt SE go up and down completely randomly.
Pair Corralation between EIDESVIK OFFSHORE and Sixt SE
Assuming the 90 days horizon EIDESVIK OFFSHORE NK is expected to under-perform the Sixt SE. In addition to that, EIDESVIK OFFSHORE is 1.07 times more volatile than Sixt SE. It trades about -0.06 of its total potential returns per unit of risk. Sixt SE is currently generating about 0.14 per unit of volatility. If you would invest 6,130 in Sixt SE on September 12, 2024 and sell it today you would earn a total of 1,270 from holding Sixt SE or generate 20.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
EIDESVIK OFFSHORE NK vs. Sixt SE
Performance |
| Timeline |
| EIDESVIK OFFSHORE |
| Sixt SE |
EIDESVIK OFFSHORE and Sixt SE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EIDESVIK OFFSHORE and Sixt SE
The main advantage of trading using opposite EIDESVIK OFFSHORE and Sixt SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EIDESVIK OFFSHORE 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.| EIDESVIK OFFSHORE vs. Apple Inc | EIDESVIK OFFSHORE vs. Apple Inc | EIDESVIK OFFSHORE vs. Apple Inc | EIDESVIK OFFSHORE vs. Apple Inc |
| Sixt SE vs. MOLSON RS BEVERAGE | Sixt SE vs. THAI BEVERAGE | Sixt SE vs. Treasury Wine Estates | Sixt SE vs. Marie Brizard Wine |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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