Correlation Between Hyundai and Proficient Auto
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By analyzing existing cross correlation between Hyundai Capital America and Proficient Auto Logistics,, you can compare the effects of market volatilities on Hyundai and Proficient Auto 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 Hyundai with a short position of Proficient Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hyundai and Proficient Auto.
Diversification Opportunities for Hyundai and Proficient Auto
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Hyundai and Proficient is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Hyundai Capital America and Proficient Auto Logistics, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Proficient Auto Logi and Hyundai 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 Hyundai Capital America are associated (or correlated) with Proficient Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Proficient Auto Logi has no effect on the direction of Hyundai i.e., Hyundai and Proficient Auto go up and down completely randomly.
Pair Corralation between Hyundai and Proficient Auto
Assuming the 90 days trading horizon Hyundai Capital America is not expected to generate positive returns. However, Hyundai Capital America is 6.85 times less risky than Proficient Auto. It waists most of its returns potential to compensate for thr risk taken. Proficient Auto is generating about -0.05 per unit of risk. If you would invest 10,047 in Hyundai Capital America on November 5, 2024 and sell it today you would lose (13.00) from holding Hyundai Capital America or give up 0.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 56.76% |
| Values | Daily Returns |
Hyundai Capital America vs. Proficient Auto Logistics,
Performance |
| Timeline |
| Hyundai Capital America |
| Proficient Auto Logi |
Hyundai and Proficient Auto Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hyundai and Proficient Auto
The main advantage of trading using opposite Hyundai and Proficient Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hyundai position performs unexpectedly, Proficient Auto 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 Proficient Auto will offset losses from the drop in Proficient Auto's long position.| Hyundai vs. ServiceNow | Hyundai vs. Victorias Secret Co | Hyundai vs. Western Digital | Hyundai vs. Contextlogic |
| Proficient Auto vs. Expeditors International of | Proficient Auto vs. FedEx | Proficient Auto vs. BingEx | Proficient Auto vs. Globavend Holdings Limited |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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