Correlation Between WillScot Mobile and ALBIS LEASING
Can any of the company-specific risk be diversified away by investing in both WillScot Mobile and ALBIS LEASING 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 WillScot Mobile and ALBIS LEASING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between WillScot Mobile Mini and ALBIS LEASING AG, you can compare the effects of market volatilities on WillScot Mobile and ALBIS LEASING 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 WillScot Mobile with a short position of ALBIS LEASING. Check out your portfolio center. Please also check ongoing floating volatility patterns of WillScot Mobile and ALBIS LEASING.
Diversification Opportunities for WillScot Mobile and ALBIS LEASING
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between WillScot and ALBIS is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding WillScot Mobile Mini and ALBIS LEASING AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ALBIS LEASING AG and WillScot Mobile 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 WillScot Mobile Mini are associated (or correlated) with ALBIS LEASING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ALBIS LEASING AG has no effect on the direction of WillScot Mobile i.e., WillScot Mobile and ALBIS LEASING go up and down completely randomly.
Pair Corralation between WillScot Mobile and ALBIS LEASING
Assuming the 90 days trading horizon WillScot Mobile Mini is expected to generate 1.24 times more return on investment than ALBIS LEASING. However, WillScot Mobile is 1.24 times more volatile than ALBIS LEASING AG. It trades about 0.44 of its potential returns per unit of risk. ALBIS LEASING AG is currently generating about -0.08 per unit of risk. If you would invest 3,200 in WillScot Mobile Mini on October 23, 2024 and sell it today you would earn a total of 320.00 from holding WillScot Mobile Mini or generate 10.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
WillScot Mobile Mini vs. ALBIS LEASING AG
Performance |
| Timeline |
| WillScot Mobile Mini |
| ALBIS LEASING AG |
WillScot Mobile and ALBIS LEASING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with WillScot Mobile and ALBIS LEASING
The main advantage of trading using opposite WillScot Mobile and ALBIS LEASING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WillScot Mobile position performs unexpectedly, ALBIS LEASING 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 ALBIS LEASING will offset losses from the drop in ALBIS LEASING's long position.| WillScot Mobile vs. National Health Investors | WillScot Mobile vs. SUN LIFE FINANCIAL | WillScot Mobile vs. OPKO HEALTH | WillScot Mobile vs. WT OFFSHORE |
| ALBIS LEASING vs. Wyndham Hotels Resorts | ALBIS LEASING vs. TOWNSQUARE MEDIA INC | ALBIS LEASING vs. Flutter Entertainment PLC | ALBIS LEASING vs. Sunstone Hotel Investors |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |