Correlation Between THAI BEVERAGE and Sixt SE
Specify exactly 2 symbols:
By analyzing existing cross correlation between THAI BEVERAGE and Sixt SE, you can compare the effects of market volatilities on THAI BEVERAGE 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 THAI BEVERAGE with a short position of Sixt SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of THAI BEVERAGE and Sixt SE.
Diversification Opportunities for THAI BEVERAGE and Sixt SE
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between THAI and Sixt is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding THAI BEVERAGE and Sixt SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sixt SE and THAI BEVERAGE 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 THAI BEVERAGE 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 THAI BEVERAGE i.e., THAI BEVERAGE and Sixt SE go up and down completely randomly.
Pair Corralation between THAI BEVERAGE and Sixt SE
Assuming the 90 days trading horizon THAI BEVERAGE is expected to generate 1.16 times less return on investment than Sixt SE. In addition to that, THAI BEVERAGE is 1.4 times more volatile than Sixt SE. It trades about 0.11 of its total potential returns per unit of risk. Sixt SE is currently generating about 0.17 per unit of volatility. If you would invest 7,065 in Sixt SE on September 14, 2024 and sell it today you would earn a total of 490.00 from holding Sixt SE or generate 6.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
THAI BEVERAGE vs. Sixt SE
Performance |
| Timeline |
| THAI BEVERAGE |
| Sixt SE |
THAI BEVERAGE and Sixt SE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with THAI BEVERAGE and Sixt SE
The main advantage of trading using opposite THAI BEVERAGE and Sixt SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if THAI BEVERAGE 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.| THAI BEVERAGE vs. Apple Inc | THAI BEVERAGE vs. Apple Inc | THAI BEVERAGE vs. Apple Inc | THAI BEVERAGE vs. Apple Inc |
| Sixt SE vs. CompuGroup Medical SE | Sixt SE vs. MITSUBISHI STEEL MFG | Sixt SE vs. COSMOSTEEL HLDGS | Sixt SE vs. BlueScope Steel Limited |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |