Correlation Between Sixt SE and PNE AG
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sixt SE and PNE AG, you can compare the effects of market volatilities on Sixt SE and PNE AG 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 Sixt SE with a short position of PNE AG. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sixt SE and PNE AG.
Diversification Opportunities for Sixt SE and PNE AG
Poor diversification
The 3 months correlation between Sixt and PNE is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Sixt SE and PNE AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PNE AG and Sixt SE 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 Sixt SE are associated (or correlated) with PNE AG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PNE AG has no effect on the direction of Sixt SE i.e., Sixt SE and PNE AG go up and down completely randomly.
Pair Corralation between Sixt SE and PNE AG
Assuming the 90 days trading horizon Sixt SE is expected to generate 1.77 times less return on investment than PNE AG. In addition to that, Sixt SE is 1.62 times more volatile than PNE AG. It trades about 0.13 of its total potential returns per unit of risk. PNE AG is currently generating about 0.38 per unit of volatility. If you would invest 1,208 in PNE AG on December 1, 2024 and sell it today you would earn a total of 110.00 from holding PNE AG or generate 9.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Sixt SE vs. PNE AG
Performance |
| Timeline |
| Sixt SE |
| PNE AG |
Sixt SE and PNE AG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sixt SE and PNE AG
The main advantage of trading using opposite Sixt SE and PNE AG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sixt SE position performs unexpectedly, PNE AG 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 PNE AG will offset losses from the drop in PNE AG's long position.| Sixt SE vs. PANIN INSURANCE | Sixt SE vs. DEVRY EDUCATION GRP | Sixt SE vs. DeVry Education Group | Sixt SE vs. Sabre Insurance Group |
| PNE AG vs. Dalata Hotel Group | PNE AG vs. Fukuyama Transporting Co | PNE AG vs. Transportadora de Gas | PNE AG vs. BII Railway Transportation |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |