Correlation Between Wabash National and REPUBLIC
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By analyzing existing cross correlation between Wabash National and REPUBLIC SVCS INC, you can compare the effects of market volatilities on Wabash National and REPUBLIC 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 Wabash National with a short position of REPUBLIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wabash National and REPUBLIC.
Diversification Opportunities for Wabash National and REPUBLIC
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Wabash and REPUBLIC is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Wabash National and REPUBLIC SVCS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on REPUBLIC SVCS INC and Wabash National 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 Wabash National are associated (or correlated) with REPUBLIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of REPUBLIC SVCS INC has no effect on the direction of Wabash National i.e., Wabash National and REPUBLIC go up and down completely randomly.
Pair Corralation between Wabash National and REPUBLIC
Considering the 90-day investment horizon Wabash National is expected to under-perform the REPUBLIC. In addition to that, Wabash National is 4.85 times more volatile than REPUBLIC SVCS INC. It trades about -0.08 of its total potential returns per unit of risk. REPUBLIC SVCS INC is currently generating about -0.21 per unit of volatility. If you would invest 9,831 in REPUBLIC SVCS INC on January 19, 2025 and sell it today you would lose (434.00) from holding REPUBLIC SVCS INC or give up 4.41% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wabash National vs. REPUBLIC SVCS INC
Performance |
| Timeline |
| Wabash National |
| REPUBLIC SVCS INC |
Wabash National and REPUBLIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wabash National and REPUBLIC
The main advantage of trading using opposite Wabash National and REPUBLIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wabash National position performs unexpectedly, REPUBLIC 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 REPUBLIC will offset losses from the drop in REPUBLIC's long position.| Wabash National vs. Rev Group | Wabash National vs. Gencor Industries | Wabash National vs. Alamo Group | Wabash National vs. Columbus McKinnon |
| REPUBLIC vs. Li Auto | REPUBLIC vs. Entravision Communications | REPUBLIC vs. Stagwell | REPUBLIC vs. Marchex |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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