Correlation Between Sixt SE and WillScot Mobile
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sixt SE and WillScot Mobile Mini, you can compare the effects of market volatilities on Sixt SE and WillScot Mobile 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 WillScot Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sixt SE and WillScot Mobile.
Diversification Opportunities for Sixt SE and WillScot Mobile
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sixt and WillScot is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sixt SE and WillScot Mobile Mini in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WillScot Mobile Mini 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 WillScot Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WillScot Mobile Mini has no effect on the direction of Sixt SE i.e., Sixt SE and WillScot Mobile go up and down completely randomly.
Pair Corralation between Sixt SE and WillScot Mobile
Assuming the 90 days trading horizon Sixt SE is expected to generate 1.32 times less return on investment than WillScot Mobile. But when comparing it to its historical volatility, Sixt SE is 1.77 times less risky than WillScot Mobile. It trades about 0.05 of its potential returns per unit of risk. WillScot Mobile Mini is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 3,440 in WillScot Mobile Mini on September 3, 2024 and sell it today you would earn a total of 140.00 from holding WillScot Mobile Mini or generate 4.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sixt SE vs. WillScot Mobile Mini
Performance |
| Timeline |
| Sixt SE |
| WillScot Mobile Mini |
Sixt SE and WillScot Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sixt SE and WillScot Mobile
The main advantage of trading using opposite Sixt SE and WillScot Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sixt SE position performs unexpectedly, WillScot Mobile 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 WillScot Mobile will offset losses from the drop in WillScot Mobile's long position.| 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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Global Correlations Find global opportunities by holding instruments from different markets |