Correlation Between 902613AP3 and Xunlei
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By analyzing existing cross correlation between UBS 4751 12 MAY 28 and Xunlei Ltd Adr, you can compare the effects of market volatilities on 902613AP3 and Xunlei 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 902613AP3 with a short position of Xunlei. Check out your portfolio center. Please also check ongoing floating volatility patterns of 902613AP3 and Xunlei.
Diversification Opportunities for 902613AP3 and Xunlei
Significant diversification
The 3 months correlation between 902613AP3 and Xunlei is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding UBS 4751 12 MAY 28 and Xunlei Ltd Adr in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xunlei Ltd Adr and 902613AP3 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 UBS 4751 12 MAY 28 are associated (or correlated) with Xunlei. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xunlei Ltd Adr has no effect on the direction of 902613AP3 i.e., 902613AP3 and Xunlei go up and down completely randomly.
Pair Corralation between 902613AP3 and Xunlei
Assuming the 90 days trading horizon UBS 4751 12 MAY 28 is expected to under-perform the Xunlei. But the bond apears to be less risky and, when comparing its historical volatility, UBS 4751 12 MAY 28 is 2.31 times less risky than Xunlei. The bond trades about -0.04 of its potential returns per unit of risk. The Xunlei Ltd Adr is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 191.00 in Xunlei Ltd Adr on September 2, 2024 and sell it today you would earn a total of 7.00 from holding Xunlei Ltd Adr or generate 3.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 80.95% |
| Values | Daily Returns |
UBS 4751 12 MAY 28 vs. Xunlei Ltd Adr
Performance |
| Timeline |
| UBS 4751 12 |
| Xunlei Ltd Adr |
902613AP3 and Xunlei Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 902613AP3 and Xunlei
The main advantage of trading using opposite 902613AP3 and Xunlei positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 902613AP3 position performs unexpectedly, Xunlei 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 Xunlei will offset losses from the drop in Xunlei's long position.| 902613AP3 vs. FormFactor | 902613AP3 vs. Iridium Communications | 902613AP3 vs. IPG Photonics | 902613AP3 vs. Delek Logistics Partners |
| Xunlei vs. Travelzoo | Xunlei vs. Emerald Expositions Events | Xunlei vs. Ziff Davis | Xunlei vs. Direct Digital Holdings |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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