Correlation Between Mobiquity Technologies and Xunlei
Can any of the company-specific risk be diversified away by investing in both Mobiquity Technologies and Xunlei 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 Mobiquity Technologies and Xunlei into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mobiquity Technologies and Xunlei Ltd Adr, you can compare the effects of market volatilities on Mobiquity Technologies and Xunlei 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 Mobiquity Technologies with a short position of Xunlei. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mobiquity Technologies and Xunlei.
Diversification Opportunities for Mobiquity Technologies and Xunlei
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Mobiquity and Xunlei is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Mobiquity Technologies and Xunlei Ltd Adr in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xunlei Ltd Adr and Mobiquity 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 Mobiquity Technologies are associated (or correlated) with Xunlei. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xunlei Ltd Adr has no effect on the direction of Mobiquity Technologies i.e., Mobiquity Technologies and Xunlei go up and down completely randomly.
Pair Corralation between Mobiquity Technologies and Xunlei
If you would invest 158.00 in Xunlei Ltd Adr on August 25, 2024 and sell it today you would earn a total of 28.00 from holding Xunlei Ltd Adr or generate 17.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.4% |
| Values | Daily Returns |
Mobiquity Technologies vs. Xunlei Ltd Adr
Performance |
| Timeline |
| Mobiquity Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Xunlei Ltd Adr |
Mobiquity Technologies and Xunlei Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mobiquity Technologies and Xunlei
The main advantage of trading using opposite Mobiquity Technologies and Xunlei positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mobiquity Technologies position performs unexpectedly, Xunlei 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 Xunlei will offset losses from the drop in Xunlei's long position.| Mobiquity Technologies vs. National CineMedia | Mobiquity Technologies vs. Baosheng Media Group | Mobiquity Technologies vs. MGO Global Common | Mobiquity Technologies vs. ZW Data Action |
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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