Correlation Between SOUTHERN and Xponential Fitness
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By analyzing existing cross correlation between SOUTHERN CALIF EDISON and Xponential Fitness, you can compare the effects of market volatilities on SOUTHERN 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 SOUTHERN with a short position of Xponential Fitness. Check out your portfolio center. Please also check ongoing floating volatility patterns of SOUTHERN and Xponential Fitness.
Diversification Opportunities for SOUTHERN and Xponential Fitness
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SOUTHERN and Xponential is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding SOUTHERN CALIF EDISON and Xponential Fitness in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xponential Fitness and SOUTHERN 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 SOUTHERN CALIF EDISON 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 SOUTHERN i.e., SOUTHERN and Xponential Fitness go up and down completely randomly.
Pair Corralation between SOUTHERN and Xponential Fitness
Assuming the 90 days trading horizon SOUTHERN is expected to generate 9.77 times less return on investment than Xponential Fitness. But when comparing it to its historical volatility, SOUTHERN CALIF EDISON is 7.51 times less risky than Xponential Fitness. It trades about 0.13 of its potential returns per unit of risk. 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 | Very Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
SOUTHERN CALIF EDISON vs. Xponential Fitness
Performance |
| Timeline |
| SOUTHERN CALIF EDISON |
| Xponential Fitness |
SOUTHERN and Xponential Fitness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SOUTHERN and Xponential Fitness
The main advantage of trading using opposite SOUTHERN and Xponential Fitness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SOUTHERN 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.| SOUTHERN vs. Ainsworth Game Technology | SOUTHERN vs. Xponential Fitness | SOUTHERN vs. Wicket Gaming AB | SOUTHERN vs. Marine Products |
| 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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