Correlation Between 36158FAA8 and Xponential Fitness
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By analyzing existing cross correlation between GE GLOBAL INS and Xponential Fitness, you can compare the effects of market volatilities on 36158FAA8 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 36158FAA8 with a short position of Xponential Fitness. Check out your portfolio center. Please also check ongoing floating volatility patterns of 36158FAA8 and Xponential Fitness.
Diversification Opportunities for 36158FAA8 and Xponential Fitness
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between 36158FAA8 and Xponential is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding GE GLOBAL INS and Xponential Fitness in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xponential Fitness and 36158FAA8 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 GE GLOBAL INS 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 36158FAA8 i.e., 36158FAA8 and Xponential Fitness go up and down completely randomly.
Pair Corralation between 36158FAA8 and Xponential Fitness
Assuming the 90 days trading horizon 36158FAA8 is expected to generate 19.13 times less return on investment than Xponential Fitness. But when comparing it to its historical volatility, GE GLOBAL INS is 9.55 times less risky than Xponential Fitness. It trades about 0.08 of its potential returns per unit of risk. Xponential Fitness is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 1,261 in Xponential Fitness on September 4, 2024 and sell it today you would earn a total of 289.00 from holding Xponential Fitness or generate 22.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 71.43% |
| Values | Daily Returns |
GE GLOBAL INS vs. Xponential Fitness
Performance |
| Timeline |
| GE GLOBAL INS |
| Xponential Fitness |
36158FAA8 and Xponential Fitness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 36158FAA8 and Xponential Fitness
The main advantage of trading using opposite 36158FAA8 and Xponential Fitness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 36158FAA8 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.| 36158FAA8 vs. Xponential Fitness | 36158FAA8 vs. Waters | 36158FAA8 vs. Cumberland Pharmaceuticals | 36158FAA8 vs. Viemed Healthcare |
| 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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