Correlation Between Touchpoint Group and Xcelmobility
Can any of the company-specific risk be diversified away by investing in both Touchpoint Group and Xcelmobility 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 Touchpoint Group and Xcelmobility into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Touchpoint Group Holdings and Xcelmobility, you can compare the effects of market volatilities on Touchpoint Group and Xcelmobility 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 Touchpoint Group with a short position of Xcelmobility. Check out your portfolio center. Please also check ongoing floating volatility patterns of Touchpoint Group and Xcelmobility.
Diversification Opportunities for Touchpoint Group and Xcelmobility
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Touchpoint and Xcelmobility is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Touchpoint Group Holdings and Xcelmobility in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xcelmobility and Touchpoint Group 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 Touchpoint Group Holdings are associated (or correlated) with Xcelmobility. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xcelmobility has no effect on the direction of Touchpoint Group i.e., Touchpoint Group and Xcelmobility go up and down completely randomly.
Pair Corralation between Touchpoint Group and Xcelmobility
Given the investment horizon of 90 days Touchpoint Group is expected to generate 2.61 times less return on investment than Xcelmobility. But when comparing it to its historical volatility, Touchpoint Group Holdings is 2.26 times less risky than Xcelmobility. It trades about 0.06 of its potential returns per unit of risk. Xcelmobility is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 0.00 in Xcelmobility on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Xcelmobility or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.84% |
| Values | Daily Returns |
Touchpoint Group Holdings vs. Xcelmobility
Performance |
| Timeline |
| Touchpoint Group Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Xcelmobility |
Touchpoint Group and Xcelmobility Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Touchpoint Group and Xcelmobility
The main advantage of trading using opposite Touchpoint Group and Xcelmobility positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Touchpoint Group position performs unexpectedly, Xcelmobility 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 Xcelmobility will offset losses from the drop in Xcelmobility's long position.| Touchpoint Group vs. Protek Capital | Touchpoint Group vs. On4 Communications | Touchpoint Group vs. Bowmo Inc | Touchpoint Group vs. BHPA Inc |
| Xcelmobility vs. Pushfor Investments | Xcelmobility vs. AB International Group | Xcelmobility vs. On4 Communications | Xcelmobility vs. Tautachrome |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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