Correlation Between United Rentals and Ingen Technologies
Can any of the company-specific risk be diversified away by investing in both United Rentals and Ingen Technologies 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 United Rentals and Ingen Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between United Rentals and Ingen Technologies, you can compare the effects of market volatilities on United Rentals and Ingen Technologies 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 United Rentals with a short position of Ingen Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of United Rentals and Ingen Technologies.
Diversification Opportunities for United Rentals and Ingen Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between United and Ingen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding United Rentals and Ingen Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ingen Technologies and United Rentals 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 United Rentals are associated (or correlated) with Ingen Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ingen Technologies has no effect on the direction of United Rentals i.e., United Rentals and Ingen Technologies go up and down completely randomly.
Pair Corralation between United Rentals and Ingen Technologies
If you would invest 67,079 in United Rentals on January 27, 2024 and sell it today you would earn a total of 2,001 from holding United Rentals or generate 2.98% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 97.73% |
Values | Daily Returns |
United Rentals vs. Ingen Technologies
Performance |
Timeline |
United Rentals |
Ingen Technologies |
United Rentals and Ingen Technologies Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with United Rentals and Ingen Technologies
The main advantage of trading using opposite United Rentals and Ingen Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if United Rentals position performs unexpectedly, Ingen Technologies 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 Ingen Technologies will offset losses from the drop in Ingen Technologies' long position.United Rentals vs. GATX Corporation | United Rentals vs. Alta Equipment Group | United Rentals vs. Ryder System | United Rentals vs. Hertz Global Holdings |
Ingen Technologies vs. Rapid Therapeutic Science | Ingen Technologies vs. Bioelectronics Corp | Ingen Technologies vs. InspireMD | Ingen Technologies vs. Thermogenesis Holdings |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
Fundamental Analysis View fundamental data based on most recent published financial statements | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
FinTech Suite Use AI to screen and filter profitable investment opportunities | |
Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum |