Correlation Between 06051GKL2 and Xponential Fitness
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By analyzing existing cross correlation between BAC 3846 08 MAR 37 and Xponential Fitness, you can compare the effects of market volatilities on 06051GKL2 and Xponential Fitness 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 06051GKL2 with a short position of Xponential Fitness. Check out your portfolio center. Please also check ongoing floating volatility patterns of 06051GKL2 and Xponential Fitness.
Diversification Opportunities for 06051GKL2 and Xponential Fitness
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between 06051GKL2 and Xponential is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding BAC 3846 08 MAR 37 and Xponential Fitness in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xponential Fitness and 06051GKL2 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 BAC 3846 08 MAR 37 are associated (or correlated) with Xponential Fitness. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xponential Fitness has no effect on the direction of 06051GKL2 i.e., 06051GKL2 and Xponential Fitness go up and down completely randomly.
Pair Corralation between 06051GKL2 and Xponential Fitness
Assuming the 90 days trading horizon BAC 3846 08 MAR 37 is expected to under-perform the Xponential Fitness. But the bond apears to be less risky and, when comparing its historical volatility, BAC 3846 08 MAR 37 is 4.32 times less risky than Xponential Fitness. The bond trades about -0.02 of its potential returns per unit of risk. The Xponential Fitness is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,423 in Xponential Fitness on September 12, 2024 and sell it today you would earn a total of 13.00 from holding Xponential Fitness or generate 0.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
BAC 3846 08 MAR 37 vs. Xponential Fitness
Performance |
| Timeline |
| BAC 3846 08 |
| Xponential Fitness |
06051GKL2 and Xponential Fitness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 06051GKL2 and Xponential Fitness
The main advantage of trading using opposite 06051GKL2 and Xponential Fitness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 06051GKL2 position performs unexpectedly, Xponential Fitness 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 Xponential Fitness will offset losses from the drop in Xponential Fitness' long position.| 06051GKL2 vs. AEP TEX INC | 06051GKL2 vs. US BANK NATIONAL | 06051GKL2 vs. Alphabet Inc Class C | 06051GKL2 vs. InMode |
| Xponential Fitness vs. Nathans Famous | Xponential Fitness vs. Flanigans Enterprises | Xponential Fitness vs. Good Times Restaurants | Xponential Fitness vs. Auburn National Bancorporation |
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