Correlation Between KINDER and Xponential Fitness
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By analyzing existing cross correlation between KINDER MORGAN INC and Xponential Fitness, you can compare the effects of market volatilities on KINDER 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 KINDER with a short position of Xponential Fitness. Check out your portfolio center. Please also check ongoing floating volatility patterns of KINDER and Xponential Fitness.
Diversification Opportunities for KINDER and Xponential Fitness
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between KINDER and Xponential is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding KINDER MORGAN INC and Xponential Fitness in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xponential Fitness and KINDER 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 KINDER MORGAN 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 KINDER i.e., KINDER and Xponential Fitness go up and down completely randomly.
Pair Corralation between KINDER and Xponential Fitness
Assuming the 90 days trading horizon KINDER is expected to generate 24.27 times less return on investment than Xponential Fitness. But when comparing it to its historical volatility, KINDER MORGAN INC is 7.53 times less risky than Xponential Fitness. It trades about 0.05 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 1,249 in Xponential Fitness on August 29, 2024 and sell it today you would earn a total of 290.00 from holding Xponential Fitness or generate 23.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
KINDER MORGAN INC vs. Xponential Fitness
Performance |
| Timeline |
| KINDER MORGAN INC |
| Xponential Fitness |
KINDER and Xponential Fitness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with KINDER and Xponential Fitness
The main advantage of trading using opposite KINDER and Xponential Fitness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KINDER 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.| KINDER vs. Xponential Fitness | KINDER vs. Sonida Senior Living | KINDER vs. RadNet Inc | KINDER vs. Nuvalent |
| 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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