Correlation Between Xenia Hotels and AXMIN
Can any of the company-specific risk be diversified away by investing in both Xenia Hotels and AXMIN 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 Xenia Hotels and AXMIN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xenia Hotels Resorts and AXMIN Inc, you can compare the effects of market volatilities on Xenia Hotels and AXMIN 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 Xenia Hotels with a short position of AXMIN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xenia Hotels and AXMIN.
Diversification Opportunities for Xenia Hotels and AXMIN
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Xenia and AXMIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Xenia Hotels Resorts and AXMIN Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AXMIN Inc and Xenia Hotels 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 Xenia Hotels Resorts are associated (or correlated) with AXMIN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AXMIN Inc has no effect on the direction of Xenia Hotels i.e., Xenia Hotels and AXMIN go up and down completely randomly.
Pair Corralation between Xenia Hotels and AXMIN
If you would invest 1.25 in AXMIN Inc on November 27, 2024 and sell it today you would earn a total of 0.00 from holding AXMIN Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xenia Hotels Resorts vs. AXMIN Inc
Performance |
| Timeline |
| Xenia Hotels Resorts |
| AXMIN Inc |
Xenia Hotels and AXMIN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xenia Hotels and AXMIN
The main advantage of trading using opposite Xenia Hotels and AXMIN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xenia Hotels position performs unexpectedly, AXMIN 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 AXMIN will offset losses from the drop in AXMIN's long position.| Xenia Hotels vs. Host Hotels Resorts | Xenia Hotels vs. Park Hotels Resorts | Xenia Hotels vs. Sunstone Hotel Investors | Xenia Hotels vs. Service Properties Trust |
| AXMIN vs. CHIBA BANK | AXMIN vs. United Overseas Insurance | AXMIN vs. Platinum Investment Management | AXMIN vs. Gladstone Investment |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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