Correlation Between CEMEX SAB and Hoteles City
Specify exactly 2 symbols:
By analyzing existing cross correlation between CEMEX SAB de and Hoteles City Express, you can compare the effects of market volatilities on CEMEX SAB and Hoteles City 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 CEMEX SAB with a short position of Hoteles City. Check out your portfolio center. Please also check ongoing floating volatility patterns of CEMEX SAB and Hoteles City.
Diversification Opportunities for CEMEX SAB and Hoteles City
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between CEMEX and Hoteles is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding CEMEX SAB de and Hoteles City Express in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hoteles City Express and CEMEX SAB 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 CEMEX SAB de are associated (or correlated) with Hoteles City. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hoteles City Express has no effect on the direction of CEMEX SAB i.e., CEMEX SAB and Hoteles City go up and down completely randomly.
Pair Corralation between CEMEX SAB and Hoteles City
Assuming the 90 days trading horizon CEMEX SAB de is expected to generate 1.49 times more return on investment than Hoteles City. However, CEMEX SAB is 1.49 times more volatile than Hoteles City Express. It trades about 0.1 of its potential returns per unit of risk. Hoteles City Express is currently generating about -0.04 per unit of risk. If you would invest 1,054 in CEMEX SAB de on September 2, 2024 and sell it today you would earn a total of 60.00 from holding CEMEX SAB de or generate 5.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CEMEX SAB de vs. Hoteles City Express
Performance |
| Timeline |
| CEMEX SAB de |
| Hoteles City Express |
CEMEX SAB and Hoteles City Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CEMEX SAB and Hoteles City
The main advantage of trading using opposite CEMEX SAB and Hoteles City positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CEMEX SAB position performs unexpectedly, Hoteles City 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 Hoteles City will offset losses from the drop in Hoteles City's long position.| CEMEX SAB vs. Grupo Mxico SAB | CEMEX SAB vs. Alfa SAB de | CEMEX SAB vs. Grupo Financiero Banorte | CEMEX SAB vs. Fomento Econmico Mexicano |
| Hoteles City vs. CEMEX SAB de | Hoteles City vs. Grupo Financiero Banorte | Hoteles City vs. Grupo Bimbo SAB | Hoteles City vs. Fomento Econmico Mexicano |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |