Correlation Between COSMOSTEEL HLDGS and Sixt SE
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By analyzing existing cross correlation between COSMOSTEEL HLDGS and Sixt SE, you can compare the effects of market volatilities on COSMOSTEEL HLDGS and Sixt SE 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 COSMOSTEEL HLDGS with a short position of Sixt SE. Check out your portfolio center. Please also check ongoing floating volatility patterns of COSMOSTEEL HLDGS and Sixt SE.
Diversification Opportunities for COSMOSTEEL HLDGS and Sixt SE
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between COSMOSTEEL and Sixt is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding COSMOSTEEL HLDGS and Sixt SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sixt SE and COSMOSTEEL HLDGS 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 COSMOSTEEL HLDGS are associated (or correlated) with Sixt SE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sixt SE has no effect on the direction of COSMOSTEEL HLDGS i.e., COSMOSTEEL HLDGS and Sixt SE go up and down completely randomly.
Pair Corralation between COSMOSTEEL HLDGS and Sixt SE
Assuming the 90 days trading horizon COSMOSTEEL HLDGS is expected to generate 1.4 times more return on investment than Sixt SE. However, COSMOSTEEL HLDGS is 1.4 times more volatile than Sixt SE. It trades about 0.12 of its potential returns per unit of risk. Sixt SE is currently generating about 0.15 per unit of risk. If you would invest 6.00 in COSMOSTEEL HLDGS on September 14, 2024 and sell it today you would earn a total of 1.35 from holding COSMOSTEEL HLDGS or generate 22.5% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 98.46% |
Values | Daily Returns |
COSMOSTEEL HLDGS vs. Sixt SE
Performance |
Timeline |
COSMOSTEEL HLDGS |
Sixt SE |
COSMOSTEEL HLDGS and Sixt SE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with COSMOSTEEL HLDGS and Sixt SE
The main advantage of trading using opposite COSMOSTEEL HLDGS and Sixt SE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COSMOSTEEL HLDGS position performs unexpectedly, Sixt SE 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 Sixt SE will offset losses from the drop in Sixt SE's long position.COSMOSTEEL HLDGS vs. Apple Inc | COSMOSTEEL HLDGS vs. Apple Inc | COSMOSTEEL HLDGS vs. Apple Inc | COSMOSTEEL HLDGS vs. Apple Inc |
Sixt SE vs. CompuGroup Medical SE | Sixt SE vs. MITSUBISHI STEEL MFG | Sixt SE vs. COSMOSTEEL HLDGS | Sixt SE vs. BlueScope Steel 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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