Correlation Between Exail Technologies and Impulse Fitness
Can any of the company-specific risk be diversified away by investing in both Exail Technologies and Impulse 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 Exail Technologies and Impulse Fitness into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Exail Technologies SA and Impulse Fitness Solutions, you can compare the effects of market volatilities on Exail Technologies and Impulse 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 Exail Technologies with a short position of Impulse Fitness. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exail Technologies and Impulse Fitness.
Diversification Opportunities for Exail Technologies and Impulse Fitness
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Exail and Impulse is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Exail Technologies SA and Impulse Fitness Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impulse Fitness Solutions and Exail Technologies 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 Exail Technologies SA are associated (or correlated) with Impulse Fitness. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impulse Fitness Solutions has no effect on the direction of Exail Technologies i.e., Exail Technologies and Impulse Fitness go up and down completely randomly.
Pair Corralation between Exail Technologies and Impulse Fitness
Assuming the 90 days trading horizon Exail Technologies SA is expected to generate 0.9 times more return on investment than Impulse Fitness. However, Exail Technologies SA is 1.11 times less risky than Impulse Fitness. It trades about -0.08 of its potential returns per unit of risk. Impulse Fitness Solutions is currently generating about -0.14 per unit of risk. If you would invest 2,215 in Exail Technologies SA on August 29, 2024 and sell it today you would lose (509.00) from holding Exail Technologies SA or give up 22.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Exail Technologies SA vs. Impulse Fitness Solutions
Performance |
| Timeline |
| Exail Technologies |
| Impulse Fitness Solutions |
Exail Technologies and Impulse Fitness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exail Technologies and Impulse Fitness
The main advantage of trading using opposite Exail Technologies and Impulse Fitness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exail Technologies position performs unexpectedly, Impulse 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 Impulse Fitness will offset losses from the drop in Impulse Fitness' long position.| Exail Technologies vs. Airbus Group SE | Exail Technologies vs. Safran SA | Exail Technologies vs. Thales SA |
| Impulse Fitness vs. Trigano SA | Impulse Fitness vs. Bnteau SA | Impulse Fitness vs. Voyageurs du Monde | Impulse Fitness vs. SA Catana Group |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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