Correlation Between RLX Technology and INTERNATIONAL
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By analyzing existing cross correlation between RLX Technology and INTERNATIONAL BUSINESS MACHS, you can compare the effects of market volatilities on RLX Technology and INTERNATIONAL 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 INTERNATIONAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of RLX Technology and INTERNATIONAL.
Diversification Opportunities for RLX Technology and INTERNATIONAL
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between RLX and INTERNATIONAL is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding RLX Technology and INTERNATIONAL BUSINESS MACHS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTERNATIONAL BUSINESS 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 INTERNATIONAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTERNATIONAL BUSINESS has no effect on the direction of RLX Technology i.e., RLX Technology and INTERNATIONAL go up and down completely randomly.
Pair Corralation between RLX Technology and INTERNATIONAL
Considering the 90-day investment horizon RLX Technology is expected to generate 2.22 times more return on investment than INTERNATIONAL. However, RLX Technology is 2.22 times more volatile than INTERNATIONAL BUSINESS MACHS. It trades about 0.23 of its potential returns per unit of risk. INTERNATIONAL BUSINESS MACHS is currently generating about -0.14 per unit of risk. If you would invest 170.00 in RLX Technology on August 29, 2024 and sell it today you would earn a total of 23.00 from holding RLX Technology or generate 13.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
RLX Technology vs. INTERNATIONAL BUSINESS MACHS
Performance |
| Timeline |
| RLX Technology |
| INTERNATIONAL BUSINESS |
RLX Technology and INTERNATIONAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with RLX Technology and INTERNATIONAL
The main advantage of trading using opposite RLX Technology and INTERNATIONAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if RLX Technology position performs unexpectedly, INTERNATIONAL 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 INTERNATIONAL will offset losses from the drop in INTERNATIONAL's long position.| RLX Technology vs. Bellring Brands LLC | RLX Technology vs. Ingredion Incorporated | RLX Technology vs. Nomad Foods | RLX Technology vs. Simply Good Foods |
| INTERNATIONAL vs. JD Sports Fashion | INTERNATIONAL vs. Canlan Ice Sports | INTERNATIONAL vs. Antero Midstream Partners | INTERNATIONAL vs. Saia Inc |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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