Correlation Between Prosegur Cash and Hub
Can any of the company-specific risk be diversified away by investing in both Prosegur Cash and Hub at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Prosegur Cash and Hub into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Prosegur Cash SA and Hub Group, you can compare the effects of market volatilities on Prosegur Cash and Hub 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 Prosegur Cash with a short position of Hub. Check out your portfolio center. Please also check ongoing floating volatility patterns of Prosegur Cash and Hub.
Diversification Opportunities for Prosegur Cash and Hub
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Prosegur and Hub is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Prosegur Cash SA and Hub Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hub Group and Prosegur Cash 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 Prosegur Cash SA are associated (or correlated) with Hub. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hub Group has no effect on the direction of Prosegur Cash i.e., Prosegur Cash and Hub go up and down completely randomly.
Pair Corralation between Prosegur Cash and Hub
If you would invest 4,435 in Hub Group on October 26, 2024 and sell it today you would earn a total of 87.00 from holding Hub Group or generate 1.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
Prosegur Cash SA vs. Hub Group
Performance |
| Timeline |
| Prosegur Cash SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Hub Group |
Prosegur Cash and Hub Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Prosegur Cash and Hub
The main advantage of trading using opposite Prosegur Cash and Hub positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Prosegur Cash position performs unexpectedly, Hub 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 Hub will offset losses from the drop in Hub's long position.| Prosegur Cash vs. Freightos Limited Ordinary | Prosegur Cash vs. Addentax Group Corp | Prosegur Cash vs. Forward Air | Prosegur Cash vs. Shengfeng Development Limited |
| Hub vs. Landstar System | Hub vs. JB Hunt Transport | Hub vs. Expeditors International of | Hub vs. CH Robinson Worldwide |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |