Correlation Between Willscot Mobile and LILLY
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By analyzing existing cross correlation between Willscot Mobile Mini and LILLY ELI 7125, you can compare the effects of market volatilities on Willscot Mobile and LILLY 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 LILLY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Willscot Mobile and LILLY.
Diversification Opportunities for Willscot Mobile and LILLY
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Willscot and LILLY is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Willscot Mobile Mini and LILLY ELI 7125 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LILLY ELI 7125 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 LILLY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LILLY ELI 7125 has no effect on the direction of Willscot Mobile i.e., Willscot Mobile and LILLY go up and down completely randomly.
Pair Corralation between Willscot Mobile and LILLY
Considering the 90-day investment horizon Willscot Mobile Mini is expected to under-perform the LILLY. In addition to that, Willscot Mobile is 5.18 times more volatile than LILLY ELI 7125. It trades about -0.01 of its total potential returns per unit of risk. LILLY ELI 7125 is currently generating about 0.01 per unit of volatility. If you would invest 10,224 in LILLY ELI 7125 on September 26, 2024 and sell it today you would earn a total of 58.00 from holding LILLY ELI 7125 or generate 0.57% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 71.2% |
Values | Daily Returns |
Willscot Mobile Mini vs. LILLY ELI 7125
Performance |
Timeline |
Willscot Mobile Mini |
LILLY ELI 7125 |
Willscot Mobile and LILLY Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Willscot Mobile and LILLY
The main advantage of trading using opposite Willscot Mobile and LILLY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Willscot Mobile position performs unexpectedly, LILLY 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 LILLY will offset losses from the drop in LILLY's long position.Willscot Mobile vs. HE Equipment Services | Willscot Mobile vs. GATX Corporation | Willscot Mobile vs. McGrath RentCorp | Willscot Mobile vs. Alta Equipment Group |
LILLY vs. HE Equipment Services | LILLY vs. Avadel Pharmaceuticals PLC | LILLY vs. Willscot Mobile Mini | LILLY vs. Viemed Healthcare |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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