Correlation Between XLMedia PLC and Bill Holdings
Can any of the company-specific risk be diversified away by investing in both XLMedia PLC and Bill Holdings 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 XLMedia PLC and Bill Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between XLMedia PLC and Bill Holdings, you can compare the effects of market volatilities on XLMedia PLC and Bill Holdings 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 XLMedia PLC with a short position of Bill Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of XLMedia PLC and Bill Holdings.
Diversification Opportunities for XLMedia PLC and Bill Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between XLMedia and Bill is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding XLMedia PLC and Bill Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bill Holdings and XLMedia PLC 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 XLMedia PLC are associated (or correlated) with Bill Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bill Holdings has no effect on the direction of XLMedia PLC i.e., XLMedia PLC and Bill Holdings go up and down completely randomly.
Pair Corralation between XLMedia PLC and Bill Holdings
If you would invest 8.60 in XLMedia PLC on September 12, 2024 and sell it today you would earn a total of 5.40 from holding XLMedia PLC or generate 62.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
XLMedia PLC vs. Bill Holdings
Performance |
| Timeline |
| XLMedia PLC |
| Bill Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
XLMedia PLC and Bill Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XLMedia PLC and Bill Holdings
The main advantage of trading using opposite XLMedia PLC and Bill Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XLMedia PLC position performs unexpectedly, Bill Holdings 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 Bill Holdings will offset losses from the drop in Bill Holdings' long position.| XLMedia PLC vs. CENTURIA OFFICE REIT | XLMedia PLC vs. Safety Insurance Group | XLMedia PLC vs. Selective Insurance Group | XLMedia PLC vs. bet at home AG |
| Bill Holdings vs. CeoTronics AG | Bill Holdings vs. SBI Insurance Group | Bill Holdings vs. RYU Apparel | Bill Holdings vs. Perdoceo Education |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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