Correlation Between United Rentals and Zhejiang Hisoar
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By analyzing existing cross correlation between United Rentals and Zhejiang Hisoar Pharmaceutical, you can compare the effects of market volatilities on United Rentals and Zhejiang Hisoar 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 United Rentals with a short position of Zhejiang Hisoar. Check out your portfolio center. Please also check ongoing floating volatility patterns of United Rentals and Zhejiang Hisoar.
Diversification Opportunities for United Rentals and Zhejiang Hisoar
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between United and Zhejiang is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding United Rentals and Zhejiang Hisoar Pharmaceutical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Hisoar Phar and United Rentals 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 United Rentals are associated (or correlated) with Zhejiang Hisoar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Hisoar Phar has no effect on the direction of United Rentals i.e., United Rentals and Zhejiang Hisoar go up and down completely randomly.
Pair Corralation between United Rentals and Zhejiang Hisoar
Considering the 90-day investment horizon United Rentals is expected to generate 0.89 times more return on investment than Zhejiang Hisoar. However, United Rentals is 1.13 times less risky than Zhejiang Hisoar. It trades about 0.09 of its potential returns per unit of risk. Zhejiang Hisoar Pharmaceutical is currently generating about 0.0 per unit of risk. If you would invest 35,974 in United Rentals on September 4, 2024 and sell it today you would earn a total of 49,731 from holding United Rentals or generate 138.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 96.16% |
| Values | Daily Returns |
United Rentals vs. Zhejiang Hisoar Pharmaceutical
Performance |
| Timeline |
| United Rentals |
| Zhejiang Hisoar Phar |
United Rentals and Zhejiang Hisoar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with United Rentals and Zhejiang Hisoar
The main advantage of trading using opposite United Rentals and Zhejiang Hisoar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if United Rentals position performs unexpectedly, Zhejiang Hisoar 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 Zhejiang Hisoar will offset losses from the drop in Zhejiang Hisoar's long position.| United Rentals vs. HE Equipment Services | United Rentals vs. GATX Corporation | United Rentals vs. McGrath RentCorp | United Rentals vs. Alta Equipment Group |
| Zhejiang Hisoar vs. New Hope Dairy | Zhejiang Hisoar vs. Maoming Petro Chemical Shihua | Zhejiang Hisoar vs. Shaanxi Beiyuan Chemical | Zhejiang Hisoar vs. Miracll Chemicals Co |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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