Correlation Between Spire Global and Sixt SE
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By analyzing existing cross correlation between Spire Global and Sixt SE, you can compare the effects of market volatilities on Spire Global and Sixt SE 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 Spire Global with a short position of Sixt SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spire Global and Sixt SE.
Diversification Opportunities for Spire Global and Sixt SE
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Spire and Sixt is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Spire Global and Sixt SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sixt SE and Spire Global 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 Spire Global are associated (or correlated) with Sixt SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sixt SE has no effect on the direction of Spire Global i.e., Spire Global and Sixt SE go up and down completely randomly.
Pair Corralation between Spire Global and Sixt SE
Given the investment horizon of 90 days Spire Global is expected to generate 3.2 times more return on investment than Sixt SE. However, Spire Global is 3.2 times more volatile than Sixt SE. It trades about 0.05 of its potential returns per unit of risk. Sixt SE is currently generating about 0.02 per unit of risk. If you would invest 1,000.00 in Spire Global on September 3, 2024 and sell it today you would earn a total of 634.00 from holding Spire Global or generate 63.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.02% |
| Values | Daily Returns |
Spire Global vs. Sixt SE
Performance |
| Timeline |
| Spire Global |
| Sixt SE |
Spire Global and Sixt SE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spire Global and Sixt SE
The main advantage of trading using opposite Spire Global and Sixt SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spire Global position performs unexpectedly, Sixt SE 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 Sixt SE will offset losses from the drop in Sixt SE's long position.| Spire Global vs. Lichen China Limited | Spire Global vs. Unifirst | Spire Global vs. First Advantage Corp | Spire Global vs. Performant Financial |
| 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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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