Correlation Between United Rentals and DNB Global

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Can any of the company-specific risk be diversified away by investing in both United Rentals and DNB Global 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 United Rentals and DNB Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between United Rentals and DNB Global Indeks, you can compare the effects of market volatilities on United Rentals and DNB Global 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 DNB Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of United Rentals and DNB Global.

Diversification Opportunities for United Rentals and DNB Global

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between United and DNB is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding United Rentals and DNB Global Indeks in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DNB Global Indeks 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 DNB Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DNB Global Indeks has no effect on the direction of United Rentals i.e., United Rentals and DNB Global go up and down completely randomly.

Pair Corralation between United Rentals and DNB Global

If you would invest  0.00  in DNB Global Indeks on January 14, 2025 and sell it today you would earn a total of  0.00  from holding DNB Global Indeks or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.61%
ValuesDaily Returns

United Rentals  vs.  DNB Global Indeks

 Performance 
       Timeline  
United Rentals 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days United Rentals has generated negative risk-adjusted returns adding no value to investors with long positions. Despite uncertain performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in May 2025. The recent confusion may also be a sign of long-lasting up-swing for the firm traders.
DNB Global Indeks 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days DNB Global Indeks has generated negative risk-adjusted returns adding no value to fund investors. Even with relatively invariable basic indicators, DNB Global is not utilizing all of its potentials. The current stock price agitation, may contribute to short-term losses for the retail investors.

United Rentals and DNB Global Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with United Rentals and DNB Global

The main advantage of trading using opposite United Rentals and DNB Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if United Rentals position performs unexpectedly, DNB Global 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 DNB Global will offset losses from the drop in DNB Global's long position.
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The idea behind United Rentals and DNB Global Indeks pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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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