Hertz Global Correlations

HTZ Stock

USD 3.50 0.03 0.86%

The current 90-days correlation between Hertz Global Holdings and United Rentals is 0.38 (i.e., Weak diversification). The correlation of Hertz Global 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.

Hertz Global Correlation With Market

Very weak diversification

The correlation between Hertz Global Holdings and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hertz Global Holdings and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Hertz Global Holdings. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with Hertz Stock

0.67	GATX	GATX	Pair Corr
0.71	MGRC	McGrath RentCorp	Pair Corr
0.96	HTZWW	Hertz Global Hldgs	Pair Corr
0.64	UHAL	U Haul Holding	Pair Corr

Moving against Hertz Stock

0.48	FTAIN	Fortress Transportation	Pair Corr
0.44	FTAIM	FTAI Aviation	Pair Corr
0.43	ZCAR	Zoomcar Holdings	Pair Corr
0.45	GD	General Dynamics	Pair Corr

Related Correlations Analysis

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

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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
GATX	+ 0.69	HTZWW
HRI	+ 0.68	R
R	+ 0.66	URI
HTZWW	+ 0.6	R
GATX	+ 0.5	R

High negative correlations

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

Risk-Adjusted Indicators

There is a big difference between Hertz Stock performing well and Hertz Global 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 Hertz Global'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
URI	1.78	(0.21)	0.00	(0.21)	0.00	0.00	2.94	(3.86)	11.30
R	1.36	(0.15)	0.00	(0.22)	0.00	0.00	3.03	(3.31)	8.98
HRI	2.48	(0.50)	0.00	(0.41)	0.00	0.00	3.46	(6.02)	17.97
HTZWW	3.28	(0.06)	0.00	(0.10)	0.00	0.00	6.97	(7.73)	22.89
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
HEES	3.60	1.45	0.82	0.77	0.82	(5.57)	1.53	(3.34)	107.70
GATX	1.03	0.00	0.00	(0.07)	0.00	0.00	2.11	(1.90)	7.23

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