Correlation Between Hertz Global and SUMITR
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By analyzing existing cross correlation between Hertz Global Holdings and SUMITR 255 10 MAR 25, you can compare the effects of market volatilities on Hertz Global and SUMITR 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 Hertz Global with a short position of SUMITR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hertz Global and SUMITR.
Diversification Opportunities for Hertz Global and SUMITR
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Hertz and SUMITR is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Hertz Global Holdings and SUMITR 255 10 MAR 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUMITR 255 10 and Hertz Global 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 Hertz Global Holdings are associated (or correlated) with SUMITR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUMITR 255 10 has no effect on the direction of Hertz Global i.e., Hertz Global and SUMITR go up and down completely randomly.
Pair Corralation between Hertz Global and SUMITR
Considering the 90-day investment horizon Hertz Global Holdings is expected to generate 2.66 times more return on investment than SUMITR. However, Hertz Global is 2.66 times more volatile than SUMITR 255 10 MAR 25. It trades about 0.6 of its potential returns per unit of risk. SUMITR 255 10 MAR 25 is currently generating about -0.5 per unit of risk. If you would invest 279.00 in Hertz Global Holdings on September 2, 2024 and sell it today you would earn a total of 213.00 from holding Hertz Global Holdings or generate 76.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 19.05% |
| Values | Daily Returns |
Hertz Global Holdings vs. SUMITR 255 10 MAR 25
Performance |
| Timeline |
| Hertz Global Holdings |
| SUMITR 255 10 |
Hertz Global and SUMITR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hertz Global and SUMITR
The main advantage of trading using opposite Hertz Global and SUMITR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hertz Global position performs unexpectedly, SUMITR 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 SUMITR will offset losses from the drop in SUMITR's long position.| Hertz Global vs. United Rentals | Hertz Global vs. Ryder System | Hertz Global vs. Herc Holdings | Hertz Global vs. Hertz Global Hldgs |
| SUMITR vs. Franklin Wireless Corp | SUMITR vs. Hudson Pacific Properties | SUMITR vs. Old Republic International | SUMITR vs. Femasys |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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