Correlation Between Triton International and U Haul
Can any of the company-specific risk be diversified away by investing in both Triton International and U Haul at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Triton International and U Haul into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Triton International Group and U Haul Holding, you can compare the effects of market volatilities on Triton International and U Haul 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 Triton International with a short position of U Haul. Check out your portfolio center. Please also check ongoing floating volatility patterns of Triton International and U Haul.
Diversification Opportunities for Triton International and U Haul
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Triton and UHAL is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Triton International Group and U Haul Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on U Haul Holding and Triton International 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 Triton International Group are associated (or correlated) with U Haul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of U Haul Holding has no effect on the direction of Triton International i.e., Triton International and U Haul go up and down completely randomly.
Pair Corralation between Triton International and U Haul
If you would invest 8,447 in Triton International Group on August 27, 2024 and sell it today you would earn a total of 0.00 from holding Triton International Group or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Triton International Group vs. U Haul Holding
Performance |
| Timeline |
| Triton International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| U Haul Holding |
Triton International and U Haul Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Triton International and U Haul
The main advantage of trading using opposite Triton International and U Haul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Triton International position performs unexpectedly, U Haul 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 U Haul will offset losses from the drop in U Haul's long position.| Triton International vs. Custom Truck One | Triton International vs. PROG Holdings | Triton International vs. Air Lease | Triton International vs. HE Equipment Services |
| U Haul vs. Air Lease | U Haul vs. HE Equipment Services | U Haul vs. GATX Corporation | U Haul vs. Custom Truck One |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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