Correlation Between U Haul and Savers Value
Can any of the company-specific risk be diversified away by investing in both U Haul and Savers Value 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 Savers Value 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 Savers Value Village,, you can compare the effects of market volatilities on U Haul and Savers Value 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 Savers Value. Check out your portfolio center. Please also check ongoing floating volatility patterns of U Haul and Savers Value.
Diversification Opportunities for U Haul and Savers Value
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between UHAL and Savers is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding U Haul Holding and Savers Value Village, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Savers Value Village, 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 Savers Value. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Savers Value Village, has no effect on the direction of U Haul i.e., U Haul and Savers Value go up and down completely randomly.
Pair Corralation between U Haul and Savers Value
Given the investment horizon of 90 days U Haul Holding is expected to generate 0.55 times more return on investment than Savers Value. However, U Haul Holding is 1.83 times less risky than Savers Value. It trades about 0.02 of its potential returns per unit of risk. Savers Value Village, is currently generating about -0.05 per unit of risk. If you would invest 6,447 in U Haul Holding on August 28, 2024 and sell it today you would earn a total of 772.00 from holding U Haul Holding or generate 11.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 71.92% |
| Values | Daily Returns |
U Haul Holding vs. Savers Value Village,
Performance |
| Timeline |
| U Haul Holding |
| Savers Value Village, |
U Haul and Savers Value Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with U Haul and Savers Value
The main advantage of trading using opposite U Haul and Savers Value positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if U Haul position performs unexpectedly, Savers Value 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 Savers Value will offset losses from the drop in Savers Value'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 |
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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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