Correlation Between U Haul and Comstock Holding
Can any of the company-specific risk be diversified away by investing in both U Haul and Comstock Holding 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 U Haul and Comstock Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between U Haul Holding and Comstock Holding Companies, you can compare the effects of market volatilities on U Haul and Comstock Holding 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 U Haul with a short position of Comstock Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of U Haul and Comstock Holding.
Diversification Opportunities for U Haul and Comstock Holding
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between UHAL and Comstock is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding U Haul Holding and Comstock Holding Companies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comstock Holding Com and U Haul 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 U Haul Holding are associated (or correlated) with Comstock Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comstock Holding Com has no effect on the direction of U Haul i.e., U Haul and Comstock Holding go up and down completely randomly.
Pair Corralation between U Haul and Comstock Holding
Given the investment horizon of 90 days U Haul Holding is expected to generate 0.35 times more return on investment than Comstock Holding. However, U Haul Holding is 2.84 times less risky than Comstock Holding. It trades about 0.09 of its potential returns per unit of risk. Comstock Holding Companies is currently generating about -0.05 per unit of risk. If you would invest 7,201 in U Haul Holding on September 13, 2024 and sell it today you would earn a total of 191.00 from holding U Haul Holding or generate 2.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
U Haul Holding vs. Comstock Holding Companies
Performance |
| Timeline |
| U Haul Holding |
| Comstock Holding Com |
U Haul and Comstock Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with U Haul and Comstock Holding
The main advantage of trading using opposite U Haul and Comstock Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if U Haul position performs unexpectedly, Comstock Holding 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 Comstock Holding will offset losses from the drop in Comstock Holding's long position.| U Haul vs. Air Lease | U Haul vs. HE Equipment Services | U Haul vs. GATX Corporation | U Haul vs. Custom Truck One |
| Comstock Holding vs. St Joe Company | Comstock Holding vs. Stratus Properties | Comstock Holding vs. Mitsui Fudosan Co | Comstock Holding vs. New World Development |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |