Correlation Between XLMedia PLC and Hapag Lloyd
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By analyzing existing cross correlation between XLMedia PLC and Hapag Lloyd AG, you can compare the effects of market volatilities on XLMedia PLC and Hapag Lloyd 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 Hapag Lloyd. Check out your portfolio center. Please also check ongoing floating volatility patterns of XLMedia PLC and Hapag Lloyd.
Diversification Opportunities for XLMedia PLC and Hapag Lloyd
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between XLMedia and Hapag is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding XLMedia PLC and Hapag Lloyd AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hapag Lloyd AG 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 Hapag Lloyd. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hapag Lloyd AG has no effect on the direction of XLMedia PLC i.e., XLMedia PLC and Hapag Lloyd go up and down completely randomly.
Pair Corralation between XLMedia PLC and Hapag Lloyd
Assuming the 90 days horizon XLMedia PLC is expected to generate 1.1 times more return on investment than Hapag Lloyd. However, XLMedia PLC is 1.1 times more volatile than Hapag Lloyd AG. It trades about 0.03 of its potential returns per unit of risk. Hapag Lloyd AG is currently generating about -0.03 per unit of risk. If you would invest 13.00 in XLMedia PLC on September 3, 2024 and sell it today you would earn a total of 1.00 from holding XLMedia PLC or generate 7.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
XLMedia PLC vs. Hapag Lloyd AG
Performance |
| Timeline |
| XLMedia PLC |
| Hapag Lloyd AG |
XLMedia PLC and Hapag Lloyd Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XLMedia PLC and Hapag Lloyd
The main advantage of trading using opposite XLMedia PLC and Hapag Lloyd positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XLMedia PLC position performs unexpectedly, Hapag Lloyd 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 Hapag Lloyd will offset losses from the drop in Hapag Lloyd's long position.| XLMedia PLC vs. Nucletron Electronic Aktiengesellschaft | XLMedia PLC vs. JD SPORTS FASH | XLMedia PLC vs. AOI Electronics Co | XLMedia PLC vs. Universal Display |
| Hapag Lloyd vs. INFORMATION SVC GRP | Hapag Lloyd vs. MICRONIC MYDATA | Hapag Lloyd vs. FIREWEED METALS P | Hapag Lloyd vs. Datadog |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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