Correlation Between ENTERGY and Xponential Fitness
Specify exactly 2 symbols:
By analyzing existing cross correlation between ENTERGY TEX INC and Xponential Fitness, you can compare the effects of market volatilities on ENTERGY 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 ENTERGY with a short position of Xponential Fitness. Check out your portfolio center. Please also check ongoing floating volatility patterns of ENTERGY and Xponential Fitness.
Diversification Opportunities for ENTERGY and Xponential Fitness
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ENTERGY and Xponential is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding ENTERGY TEX INC and Xponential Fitness in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xponential Fitness and ENTERGY 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 ENTERGY TEX INC 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 ENTERGY i.e., ENTERGY and Xponential Fitness go up and down completely randomly.
Pair Corralation between ENTERGY and Xponential Fitness
Assuming the 90 days trading horizon ENTERGY TEX INC is expected to under-perform the Xponential Fitness. But the bond apears to be less risky and, when comparing its historical volatility, ENTERGY TEX INC is 13.29 times less risky than Xponential Fitness. The bond trades about -0.08 of its potential returns per unit of risk. The Xponential Fitness is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 1,261 in Xponential Fitness on September 5, 2024 and sell it today you would earn a total of 288.00 from holding Xponential Fitness or generate 22.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 81.82% |
| Values | Daily Returns |
ENTERGY TEX INC vs. Xponential Fitness
Performance |
| Timeline |
| ENTERGY TEX INC |
| Xponential Fitness |
ENTERGY and Xponential Fitness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ENTERGY and Xponential Fitness
The main advantage of trading using opposite ENTERGY and Xponential Fitness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ENTERGY 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.| ENTERGY vs. Xponential Fitness | ENTERGY vs. Ardelyx | ENTERGY vs. SunLink Health Systems | ENTERGY vs. Chimerix |
| Xponential Fitness vs. Planet Fitness | Xponential Fitness vs. Bowlero Corp | Xponential Fitness vs. JAKKS Pacific | Xponential Fitness vs. Acushnet Holdings Corp |
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 Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |