Correlation Between Hyundai and Sixt SE
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By analyzing existing cross correlation between Hyundai Motor and Sixt SE, you can compare the effects of market volatilities on Hyundai 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 Hyundai with a short position of Sixt SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hyundai and Sixt SE.
Diversification Opportunities for Hyundai and Sixt SE
Very good diversification
The 3 months correlation between Hyundai and Sixt is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Hyundai Motor and Sixt SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sixt SE and Hyundai 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 Hyundai Motor 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 Hyundai i.e., Hyundai and Sixt SE go up and down completely randomly.
Pair Corralation between Hyundai and Sixt SE
Assuming the 90 days horizon Hyundai Motor is expected to generate 1.24 times more return on investment than Sixt SE. However, Hyundai is 1.24 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 2,547 in Hyundai Motor on September 3, 2024 and sell it today you would earn a total of 2,653 from holding Hyundai Motor or generate 104.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hyundai Motor vs. Sixt SE
Performance |
| Timeline |
| Hyundai Motor |
| Sixt SE |
Hyundai and Sixt SE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hyundai and Sixt SE
The main advantage of trading using opposite Hyundai and Sixt SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hyundai 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.| Hyundai vs. HK Electric Investments | Hyundai vs. Pebblebrook Hotel Trust | Hyundai vs. NH HOTEL GROUP | Hyundai vs. Apollo Investment Corp |
| 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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