Correlation Between CurrentC Power and Xcelmobility
Can any of the company-specific risk be diversified away by investing in both CurrentC Power and Xcelmobility 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 CurrentC Power and Xcelmobility into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CurrentC Power and Xcelmobility, you can compare the effects of market volatilities on CurrentC Power and Xcelmobility 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 CurrentC Power with a short position of Xcelmobility. Check out your portfolio center. Please also check ongoing floating volatility patterns of CurrentC Power and Xcelmobility.
Diversification Opportunities for CurrentC Power and Xcelmobility
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CurrentC and Xcelmobility is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CurrentC Power and Xcelmobility in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xcelmobility and CurrentC Power 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 CurrentC Power are associated (or correlated) with Xcelmobility. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xcelmobility has no effect on the direction of CurrentC Power i.e., CurrentC Power and Xcelmobility go up and down completely randomly.
Pair Corralation between CurrentC Power and Xcelmobility
If you would invest 20.00 in CurrentC Power on November 2, 2024 and sell it today you would lose (2.00) from holding CurrentC Power or give up 10.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CurrentC Power vs. Xcelmobility
Performance |
| Timeline |
| CurrentC Power |
| Xcelmobility |
CurrentC Power and Xcelmobility Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CurrentC Power and Xcelmobility
The main advantage of trading using opposite CurrentC Power and Xcelmobility positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CurrentC Power position performs unexpectedly, Xcelmobility 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 Xcelmobility will offset losses from the drop in Xcelmobility's long position.| CurrentC Power vs. ProSiebenSat1 Media AG | CurrentC Power vs. RTL Group SA | CurrentC Power vs. iHeartMedia | CurrentC Power vs. ITV PLC ADR |
| Xcelmobility vs. Pushfor Investments | Xcelmobility vs. AB International Group | Xcelmobility vs. On4 Communications | Xcelmobility vs. Tautachrome |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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