Correlation Between AXS 2X and Unusual Whales

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Can any of the company-specific risk be diversified away by investing in both AXS 2X and Unusual Whales 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 AXS 2X and Unusual Whales into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AXS 2X Innovation and Unusual Whales Subversive, you can compare the effects of market volatilities on AXS 2X and Unusual Whales 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 AXS 2X with a short position of Unusual Whales. Check out your portfolio center. Please also check ongoing floating volatility patterns of AXS 2X and Unusual Whales.

Diversification Opportunities for AXS 2X and Unusual Whales

AXSUnusualDiversified AwayAXSUnusualDiversified Away100%
0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between AXS and Unusual is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AXS 2X Innovation and Unusual Whales Subversive in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unusual Whales Subversive and AXS 2X 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 AXS 2X Innovation are associated (or correlated) with Unusual Whales. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unusual Whales Subversive has no effect on the direction of AXS 2X i.e., AXS 2X and Unusual Whales go up and down completely randomly.

Pair Corralation between AXS 2X and Unusual Whales

Given the investment horizon of 90 days AXS 2X Innovation is expected to under-perform the Unusual Whales. In addition to that, AXS 2X is 4.93 times more volatile than Unusual Whales Subversive. It trades about -0.07 of its total potential returns per unit of risk. Unusual Whales Subversive is currently generating about -0.09 per unit of volatility. If you would invest  4,049  in Unusual Whales Subversive on November 25, 2024 and sell it today you would lose (76.00) from holding Unusual Whales Subversive or give up 1.88% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

AXS 2X Innovation  vs.  Unusual Whales Subversive

 Performance 
JavaScript chart by amCharts 3.21.15Dec2025Feb -40-30-20-10010
JavaScript chart by amCharts 3.21.15TARK NANC
       Timeline  
AXS 2X Innovation 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days AXS 2X Innovation has generated negative risk-adjusted returns adding no value to investors with long positions. Despite unfluctuating performance in the last few months, the Etf's basic indicators remain quite persistent which may send shares a bit higher in March 2025. The latest mess may also be a sign of long-standing up-swing for the ETF venture institutional investors.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb5060708090
Unusual Whales Subversive 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Unusual Whales Subversive has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, Unusual Whales is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb3838.53939.54040.541

AXS 2X and Unusual Whales Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-12.39-9.28-6.17-3.06-0.0492.845.798.7311.6714.62 0.10.20.30.4
JavaScript chart by amCharts 3.21.15TARK NANC
       Returns  

Pair Trading with AXS 2X and Unusual Whales

The main advantage of trading using opposite AXS 2X and Unusual Whales positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AXS 2X position performs unexpectedly, Unusual Whales 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 Unusual Whales will offset losses from the drop in Unusual Whales' long position.
The idea behind AXS 2X Innovation and Unusual Whales Subversive pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.

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