Correlation Between Sixt SE and FUYO GENERAL
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By analyzing existing cross correlation between Sixt SE and FUYO GENERAL LEASE, you can compare the effects of market volatilities on Sixt SE and FUYO GENERAL 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 FUYO GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sixt SE and FUYO GENERAL.
Diversification Opportunities for Sixt SE and FUYO GENERAL
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Sixt and FUYO is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Sixt SE and FUYO GENERAL LEASE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FUYO GENERAL LEASE 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 FUYO GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FUYO GENERAL LEASE has no effect on the direction of Sixt SE i.e., Sixt SE and FUYO GENERAL go up and down completely randomly.
Pair Corralation between Sixt SE and FUYO GENERAL
Assuming the 90 days trading horizon Sixt SE is expected to generate 0.94 times more return on investment than FUYO GENERAL. However, Sixt SE is 1.06 times less risky than FUYO GENERAL. It trades about 0.1 of its potential returns per unit of risk. FUYO GENERAL LEASE is currently generating about 0.01 per unit of risk. If you would invest 5,800 in Sixt SE on November 3, 2024 and sell it today you would earn a total of 130.00 from holding Sixt SE or generate 2.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sixt SE vs. FUYO GENERAL LEASE
Performance |
| Timeline |
| Sixt SE |
| FUYO GENERAL LEASE |
Sixt SE and FUYO GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sixt SE and FUYO GENERAL
The main advantage of trading using opposite Sixt SE and FUYO GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sixt SE position performs unexpectedly, FUYO GENERAL 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 FUYO GENERAL will offset losses from the drop in FUYO GENERAL's long position.| Sixt SE vs. SUN LIFE FINANCIAL | Sixt SE vs. Commonwealth Bank of | Sixt SE vs. WillScot Mobile Mini | Sixt SE vs. Iridium Communications |
| FUYO GENERAL vs. ePlay Digital | FUYO GENERAL vs. Geely Automobile Holdings | FUYO GENERAL vs. ANTA SPORTS PRODUCT | FUYO GENERAL vs. Cairo Communication SpA |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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