Avis Budget Correlations

CAR Stock

USD 108.84 1.47 1.37%

The current 90-days correlation between Avis Budget Group and Hertz Global Hldgs is 0.57 (i.e., Very weak 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 0.58 (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

0.9	R	Ryder System	Pair Corr
0.89	AL	Air Lease	Pair Corr
0.68	WLFC	Willis Lease Finance	Pair Corr
0.62	FPAY	FlexShopper	Pair Corr
0.84	FTAI	Fortress Transp Infra	Pair Corr
0.76	HRI	Herc Holdings	Pair Corr
0.82	HTZ	Hertz Global Holdings	Pair Corr
0.82	GATX	GATX Fiscal Year End 28th of January 2025	Pair Corr
0.72	URI	United Rentals Fiscal Year End 22nd of January 2025	Pair Corr
0.72	FTAIM	FTAI Aviation	Pair Corr
0.83	HEES	HE Equipment Services	Pair Corr
0.79	MGRC	McGrath RentCorp	Pair Corr
0.77	ALTG	Alta Equipment Group	Pair Corr
0.65	ALTG-PA	Alta Equipment Group	Pair Corr
0.78	CTOS	Custom Truck One	Pair Corr
0.61	B	Barnes Group	Pair Corr
0.82	DIST	Distoken Acquisition	Pair Corr
0.74	AZ	A2Z Smart Technologies	Pair Corr

Moving against Avis Stock

0.68	YAYO	Yayyo Inc	Pair Corr
0.54	MWG	Multi Ways Holdings	Pair Corr
0.54	ZCAR	Zoomcar Holdings Symbol Change	Pair Corr
0.4	TRTN-PD	Triton International	Pair Corr
0.68	CP	Canadian Pacific Railway	Pair Corr
0.62	MG	Mistras Group	Pair Corr
0.61	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.45	FC	Franklin Covey	Pair Corr
0.45	HY	Hyster Yale Materials	Pair Corr
0.41	GP	GreenPower Motor	Pair Corr
0.41	OP	Oceanpal	Pair Corr
0.32	FA	First Advantage Corp	Pair Corr
0.32	GD	General Dynamics Fiscal Year End 22nd of January 2025	Pair Corr

Related Correlations Analysis

	HTZWW	R	HEES	URI	HRI	UHAL	AL	AAN	TRTN	GATX
HTZWW		0.2	-0.03	-0.11	-0.19	-0.16	0.44	-0.11	0.0	0.33	HTZWW
R	0.2		0.87	0.83	0.8	-0.01	0.89	0.83	0.87	0.85	R
HEES	-0.03	0.87		0.89	0.94	-0.05	0.76	0.83	0.89	0.77	HEES
URI	-0.11	0.83	0.89		0.82	0.25	0.62	0.78	0.78	0.56	URI
HRI	-0.19	0.8	0.94	0.82		-0.08	0.71	0.78	0.86	0.77	HRI
UHAL	-0.16	-0.01	-0.05	0.25	-0.08		-0.21	-0.03	-0.26	-0.33	UHAL
AL	0.44	0.89	0.76	0.62	0.71	-0.21		0.61	0.8	0.93	AL
AAN	-0.11	0.83	0.83	0.78	0.78	-0.03	0.61		0.81	0.64	AAN
TRTN	0.0	0.87	0.89	0.78	0.86	-0.26	0.8	0.81		0.79	TRTN
GATX	0.33	0.85	0.77	0.56	0.77	-0.33	0.93	0.64	0.79		GATX
	HTZWW	R	HEES	URI	HRI	UHAL	AL	AAN	TRTN	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	+ 0.94	HEES
GATX	+ 0.93	AL
AL	+ 0.89	R
URI	+ 0.89	HEES
TRTN	+ 0.89	HEES
HEES	+ 0.87	R

High negative correlations

GATX	- 0.33	UHAL
TRTN	- 0.26	UHAL
AL	- 0.21	UHAL
HRI	- 0.19	HTZWW
UHAL	- 0.16	HTZWW
AAN	- 0.11	HTZWW

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	3.27	0.00	0.02	0.12	3.87	(3.58)	6.50	(6.57)	17.18
R	1.44	0.09	0.10	0.17	1.45	(1.56)	3.32	(2.64)	7.72
HEES	1.82	0.05	0.10	0.14	2.05	(1.96)	3.45	(3.22)	15.53
URI	1.39	0.02	0.09	0.13	1.24	(1.72)	2.46	(2.03)	12.35
HRI	2.09	0.48	0.36	0.35	1.18	(2.62)	5.52	(2.36)	20.05
UHAL	1.14	(0.06)	(0.07)	0.03	1.41	(1.13)	2.58	(2.22)	6.88
AL	1.28	(0.02)	0.04	0.11	1.38	(1.50)	3.00	(2.41)	6.71
AAN	0.25	0.02	(0.24)	0.88	0.24	(0.32)	0.61	(0.40)	1.81
TRTN	0.29	0.01	(0.22)	0.22	0.37	(0.32)	0.73	(0.63)	2.44
GATX	1.15	0.07	0.10	0.17	0.93	(1.31)	2.79	(1.44)	8.69

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
Vanessa Wolczak	Head Marketing	Profile

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