Correlation Between Samsung Electronics and Sixt SE
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By analyzing existing cross correlation between Samsung Electronics Co and Sixt SE, you can compare the effects of market volatilities on Samsung Electronics 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 Samsung Electronics with a short position of Sixt SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Samsung Electronics and Sixt SE.
Diversification Opportunities for Samsung Electronics and Sixt SE
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Samsung and Sixt is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Samsung Electronics Co and Sixt SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sixt SE and Samsung Electronics 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 Samsung Electronics Co 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 Samsung Electronics i.e., Samsung Electronics and Sixt SE go up and down completely randomly.
Pair Corralation between Samsung Electronics and Sixt SE
Assuming the 90 days trading horizon Samsung Electronics Co is expected to under-perform the Sixt SE. In addition to that, Samsung Electronics is 1.01 times more volatile than Sixt SE. It trades about -0.01 of its total potential returns per unit of risk. Sixt SE is currently generating about 0.02 per unit of volatility. If you would invest 4,919 in Sixt SE on September 3, 2024 and sell it today you would earn a total of 451.00 from holding Sixt SE or generate 9.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Samsung Electronics Co vs. Sixt SE
Performance |
| Timeline |
| Samsung Electronics |
| Sixt SE |
Samsung Electronics and Sixt SE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Samsung Electronics and Sixt SE
The main advantage of trading using opposite Samsung Electronics and Sixt SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Samsung Electronics 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.| Samsung Electronics vs. Apple Inc | Samsung Electronics vs. Samsung Electronics Co | Samsung Electronics vs. Sony Group | Samsung Electronics vs. Xiaomi |
| 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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