Correlation Between Apogee Therapeutics, and Xponential Fitness
Can any of the company-specific risk be diversified away by investing in both Apogee Therapeutics, and Xponential Fitness 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 Apogee Therapeutics, and Xponential Fitness into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apogee Therapeutics, Common and Xponential Fitness, you can compare the effects of market volatilities on Apogee Therapeutics, and Xponential Fitness 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 Apogee Therapeutics, with a short position of Xponential Fitness. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apogee Therapeutics, and Xponential Fitness.
Diversification Opportunities for Apogee Therapeutics, and Xponential Fitness
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Apogee and Xponential is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Apogee Therapeutics, Common and Xponential Fitness in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xponential Fitness and Apogee Therapeutics, 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 Apogee Therapeutics, Common are associated (or correlated) with Xponential Fitness. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xponential Fitness has no effect on the direction of Apogee Therapeutics, i.e., Apogee Therapeutics, and Xponential Fitness go up and down completely randomly.
Pair Corralation between Apogee Therapeutics, and Xponential Fitness
Given the investment horizon of 90 days Apogee Therapeutics, Common is expected to generate 0.77 times more return on investment than Xponential Fitness. However, Apogee Therapeutics, Common is 1.3 times less risky than Xponential Fitness. It trades about 0.09 of its potential returns per unit of risk. Xponential Fitness is currently generating about 0.05 per unit of risk. If you would invest 2,148 in Apogee Therapeutics, Common on September 3, 2024 and sell it today you would earn a total of 2,466 from holding Apogee Therapeutics, Common or generate 114.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apogee Therapeutics, Common vs. Xponential Fitness
Performance |
| Timeline |
| Apogee Therapeutics, |
| Xponential Fitness |
Apogee Therapeutics, and Xponential Fitness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apogee Therapeutics, and Xponential Fitness
The main advantage of trading using opposite Apogee Therapeutics, and Xponential Fitness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apogee Therapeutics, position performs unexpectedly, Xponential Fitness 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 Xponential Fitness will offset losses from the drop in Xponential Fitness' long position.| Apogee Therapeutics, vs. Elmos Semiconductor SE | Apogee Therapeutics, vs. ASE Industrial Holding | Apogee Therapeutics, vs. Advanced Micro Devices | Apogee Therapeutics, vs. HF Sinclair Corp |
| Xponential Fitness vs. Planet Fitness | Xponential Fitness vs. JAKKS Pacific | Xponential Fitness vs. Mattel Inc | Xponential Fitness vs. OneSpaWorld Holdings |
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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