Correlation Between RLX Technology and 57667JAA0
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By analyzing existing cross correlation between RLX Technology and US57667JAA07, you can compare the effects of market volatilities on RLX Technology and 57667JAA0 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 57667JAA0. Check out your portfolio center. Please also check ongoing floating volatility patterns of RLX Technology and 57667JAA0.
Diversification Opportunities for RLX Technology and 57667JAA0
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between RLX and 57667JAA0 is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding RLX Technology and US57667JAA07 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US57667JAA07 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 57667JAA0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US57667JAA07 has no effect on the direction of RLX Technology i.e., RLX Technology and 57667JAA0 go up and down completely randomly.
Pair Corralation between RLX Technology and 57667JAA0
Considering the 90-day investment horizon RLX Technology is expected to generate 4.47 times more return on investment than 57667JAA0. However, RLX Technology is 4.47 times more volatile than US57667JAA07. It trades about 0.09 of its potential returns per unit of risk. US57667JAA07 is currently generating about -0.15 per unit of risk. If you would invest 168.00 in RLX Technology on September 3, 2024 and sell it today you would earn a total of 30.00 from holding RLX Technology or generate 17.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.31% |
| Values | Daily Returns |
RLX Technology vs. US57667JAA07
Performance |
| Timeline |
| RLX Technology |
| US57667JAA07 |
RLX Technology and 57667JAA0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with RLX Technology and 57667JAA0
The main advantage of trading using opposite RLX Technology and 57667JAA0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if RLX Technology position performs unexpectedly, 57667JAA0 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 57667JAA0 will offset losses from the drop in 57667JAA0'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 |
| 57667JAA0 vs. WiMi Hologram Cloud | 57667JAA0 vs. Casio Computer Co | 57667JAA0 vs. Ambev SA ADR | 57667JAA0 vs. RLX Technology |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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