Correlation Between 125896BN9 and Xponential Fitness
Specify exactly 2 symbols:
By analyzing existing cross correlation between CMS ENERGY P and Xponential Fitness, you can compare the effects of market volatilities on 125896BN9 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 125896BN9 with a short position of Xponential Fitness. Check out your portfolio center. Please also check ongoing floating volatility patterns of 125896BN9 and Xponential Fitness.
Diversification Opportunities for 125896BN9 and Xponential Fitness
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 125896BN9 and Xponential is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding CMS ENERGY P and Xponential Fitness in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xponential Fitness and 125896BN9 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 CMS ENERGY P 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 125896BN9 i.e., 125896BN9 and Xponential Fitness go up and down completely randomly.
Pair Corralation between 125896BN9 and Xponential Fitness
Assuming the 90 days trading horizon 125896BN9 is expected to generate 15.77 times less return on investment than Xponential Fitness. But when comparing it to its historical volatility, CMS ENERGY P is 6.36 times less risky than Xponential Fitness. It trades about 0.03 of its potential returns per unit of risk. Xponential Fitness is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 899.00 in Xponential Fitness on September 4, 2024 and sell it today you would earn a total of 647.00 from holding Xponential Fitness or generate 71.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 53.85% |
| Values | Daily Returns |
CMS ENERGY P vs. Xponential Fitness
Performance |
| Timeline |
| CMS ENERGY P |
| Xponential Fitness |
125896BN9 and Xponential Fitness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 125896BN9 and Xponential Fitness
The main advantage of trading using opposite 125896BN9 and Xponential Fitness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 125896BN9 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.| 125896BN9 vs. Simon Property Group | 125896BN9 vs. Harmony Gold Mining | 125896BN9 vs. The Gap, | 125896BN9 vs. Perseus Mining Limited |
| Xponential Fitness vs. Hyatt Hotels | Xponential Fitness vs. Smart Share Global | Xponential Fitness vs. Sweetgreen | Xponential Fitness vs. Wyndham Hotels Resorts |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |