Avis Budget Correlations

CAR Stock

USD 60.65 2.73 4.71%

The current 90-days correlation between Avis Budget Group and Hertz Global Hldgs is 0.68 (i.e., Poor diversification). The correlation of Avis Budget is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Avis Budget Correlation With Market

Very weak diversification

The correlation between Avis Budget Group and DJI is 0.47 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Avis Budget Group and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Avis Budget Group. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Avis Stock

0.91	R	Ryder System	Pair Corr
0.74	VSTS	Vestis	Pair Corr
0.84	HRI	Herc Holdings	Pair Corr
0.73	PRG	PROG Holdings	Pair Corr
0.8	URI	United Rentals	Pair Corr
0.88	WSC	Willscot Mobile Mini	Pair Corr
0.64	HTZWW	Hertz Global Hldgs	Pair Corr
0.83	ALTG	Alta Equipment Group	Pair Corr
0.91	UHAL	U Haul Holding	Pair Corr
0.79	J	Jacobs Solutions	Pair Corr
0.61	BA	Boeing	Pair Corr
0.63	BV	BrightView Holdings	Pair Corr

Moving against Avis Stock

0.65	TRTN-PB	Triton International	Pair Corr
0.55	FTAIN	Fortress Transportation	Pair Corr
0.49	FTAIM	FTAI Aviation	Pair Corr
0.48	TRTN-PA	Triton International	Pair Corr
0.39	AER	AerCap Holdings NV	Pair Corr
0.33	MWG	Multi Ways Holdings	Pair Corr
0.78	BZ	Kanzhun Ltd ADR	Pair Corr
0.37	EH	Ehang Holdings	Pair Corr
0.33	GD	General Dynamics	Pair Corr
0.32	LZ	LegalZoom	Pair Corr

Related Correlations Analysis

	HTZWW	R	HEES	URI	HRI	UHAL	AL	AAN	TRTN	GATX
HTZWW		0.6	0.41	0.39	0.37	0.68	0.01	0.0	0.0	0.69	HTZWW
R	0.6		-0.05	0.66	0.68	0.9	0.45	0.0	0.0	0.5	R
HEES	0.41	-0.05		-0.23	-0.35	0.02	-0.28	0.0	0.0	0.45	HEES
URI	0.39	0.66	-0.23		0.96	0.73	0.25	0.0	0.0	0.37	URI
HRI	0.37	0.68	-0.35	0.96		0.71	0.24	0.0	0.0	0.31	HRI
UHAL	0.68	0.9	0.02	0.73	0.71		0.35	0.0	0.0	0.64	UHAL
AL	0.01	0.45	-0.28	0.25	0.24	0.35		0.0	0.0	0.17	AL
AAN	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	AAN
TRTN	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	TRTN
GATX	0.69	0.5	0.45	0.37	0.31	0.64	0.17	0.0	0.0		GATX
	HTZWW	R	HEES	URI	HRI	UHAL	AL	AAN	TRTN	GATX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

HRI	+ 0.96	URI
UHAL	+ 0.9	R
UHAL	+ 0.73	URI
UHAL	+ 0.71	HRI
GATX	+ 0.69	HTZWW
UHAL	+ 0.68	HTZWW

High negative correlations

HRI	- 0.35	HEES
AL	- 0.28	HEES
URI	- 0.23	HEES
HEES	- 0.05	R
GATX	- 0.0	TRTN
GATX	- 0.0	AAN

Risk-Adjusted Indicators

There is a big difference between Avis Stock performing well and Avis Budget Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Avis Budget's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
HTZWW	3.28	(0.06)	0.00	(0.10)	0.00	0.00	6.97	(7.73)	22.89
R	1.36	(0.15)	0.00	(0.22)	0.00	0.00	3.03	(3.31)	8.98
HEES	3.60	1.45	0.82	0.77	0.82	(5.57)	1.53	(3.34)	107.70
URI	1.78	(0.21)	0.00	(0.21)	0.00	0.00	2.94	(3.86)	11.30
HRI	2.48	(0.50)	0.00	(0.41)	0.00	0.00	3.46	(6.02)	17.97
UHAL	1.30	(0.18)	0.00	(0.29)	0.00	0.00	2.16	(2.53)	9.93
AL	1.45	0.03	0.00	(0.04)	0.00	0.00	2.33	(4.14)	12.57
AAN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TRTN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
GATX	1.03	0.00	0.00	(0.07)	0.00	0.00	2.11	(1.90)	7.23

Avis Budget Corporate Management

Gerard Insall	CIO and Executive VP	Profile
Jean Sera	General VP	Profile
Brian Choi	Executive Officer	Profile
Bernardo Hees	NonIndependent Chairman	Profile
John ONeill	Senior Operations	Profile
Vanessa Wolczak	Head Marketing	Profile

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC