Correlation Between PROG Holdings and Textainer Group
Can any of the company-specific risk be diversified away by investing in both PROG Holdings and Textainer Group 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 PROG Holdings and Textainer Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PROG Holdings and Textainer Group Holdings, you can compare the effects of market volatilities on PROG Holdings and Textainer Group 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 PROG Holdings with a short position of Textainer Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of PROG Holdings and Textainer Group.
Diversification Opportunities for PROG Holdings and Textainer Group
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PROG and Textainer is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PROG Holdings and Textainer Group Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Textainer Group Holdings and PROG Holdings 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 PROG Holdings are associated (or correlated) with Textainer Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Textainer Group Holdings has no effect on the direction of PROG Holdings i.e., PROG Holdings and Textainer Group go up and down completely randomly.
Pair Corralation between PROG Holdings and Textainer Group
If you would invest 2,904 in PROG Holdings on November 9, 2024 and sell it today you would earn a total of 1,471 from holding PROG Holdings or generate 50.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
PROG Holdings vs. Textainer Group Holdings
Performance |
| Timeline |
| PROG Holdings |
| Textainer Group Holdings |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
PROG Holdings and Textainer Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PROG Holdings and Textainer Group
The main advantage of trading using opposite PROG Holdings and Textainer Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PROG Holdings position performs unexpectedly, Textainer Group 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 Textainer Group will offset losses from the drop in Textainer Group's long position.| PROG Holdings vs. Adtalem Global Education | PROG Holdings vs. Enerpac Tool Group | PROG Holdings vs. Piper Sandler Companies |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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