Correlation Between Planet Fitness and AXA SA
Can any of the company-specific risk be diversified away by investing in both Planet Fitness and AXA SA 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 Planet Fitness and AXA SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Planet Fitness and AXA SA, you can compare the effects of market volatilities on Planet Fitness and AXA SA 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 Planet Fitness with a short position of AXA SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Planet Fitness and AXA SA.
Diversification Opportunities for Planet Fitness and AXA SA
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Planet and AXA is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Planet Fitness and AXA SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AXA SA and Planet Fitness 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 Planet Fitness are associated (or correlated) with AXA SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AXA SA has no effect on the direction of Planet Fitness i.e., Planet Fitness and AXA SA go up and down completely randomly.
Pair Corralation between Planet Fitness and AXA SA
If you would invest 9,700 in Planet Fitness on November 4, 2024 and sell it today you would earn a total of 700.00 from holding Planet Fitness or generate 7.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Planet Fitness vs. AXA SA
Performance |
| Timeline |
| Planet Fitness |
| AXA SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Planet Fitness and AXA SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Planet Fitness and AXA SA
The main advantage of trading using opposite Planet Fitness and AXA SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Planet Fitness position performs unexpectedly, AXA SA 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 AXA SA will offset losses from the drop in AXA SA's long position.| Planet Fitness vs. Booking Holdings | Planet Fitness vs. Oriental Land Co | Planet Fitness vs. ANTA Sports Products | Planet Fitness vs. Li Ning Company |
| AXA SA vs. AGNC INVESTMENT | AXA SA vs. New Residential Investment | AXA SA vs. Summit Hotel Properties | AXA SA vs. ECHO INVESTMENT ZY |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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