Correlation Between RLX Technology and EXPEDIA
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By analyzing existing cross correlation between RLX Technology and EXPEDIA GROUP INC, you can compare the effects of market volatilities on RLX Technology and EXPEDIA 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 RLX Technology with a short position of EXPEDIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of RLX Technology and EXPEDIA.
Diversification Opportunities for RLX Technology and EXPEDIA
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between RLX and EXPEDIA is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding RLX Technology and EXPEDIA GROUP INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXPEDIA GROUP INC and RLX Technology 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 RLX Technology are associated (or correlated) with EXPEDIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXPEDIA GROUP INC has no effect on the direction of RLX Technology i.e., RLX Technology and EXPEDIA go up and down completely randomly.
Pair Corralation between RLX Technology and EXPEDIA
Considering the 90-day investment horizon RLX Technology is expected to generate 5.76 times more return on investment than EXPEDIA. However, RLX Technology is 5.76 times more volatile than EXPEDIA GROUP INC. It trades about 0.02 of its potential returns per unit of risk. EXPEDIA GROUP INC is currently generating about 0.02 per unit of risk. If you would invest 177.00 in RLX Technology on August 31, 2024 and sell it today you would earn a total of 21.00 from holding RLX Technology or generate 11.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.47% |
| Values | Daily Returns |
RLX Technology vs. EXPEDIA GROUP INC
Performance |
| Timeline |
| RLX Technology |
| EXPEDIA GROUP INC |
RLX Technology and EXPEDIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with RLX Technology and EXPEDIA
The main advantage of trading using opposite RLX Technology and EXPEDIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if RLX Technology position performs unexpectedly, EXPEDIA 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 EXPEDIA will offset losses from the drop in EXPEDIA's long position.| RLX Technology vs. Green Globe International | RLX Technology vs. Kaival Brands Innovations | RLX Technology vs. Greenlane Holdings | RLX Technology vs. 22nd Century Group |
| EXPEDIA vs. 51Talk Online Education | EXPEDIA vs. Morgan Stanley | EXPEDIA vs. Ryanair Holdings PLC | EXPEDIA vs. Afya |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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