Correlation Between UNION and Xponential Fitness
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By analyzing existing cross correlation between UNION ELEC 39 and Xponential Fitness, you can compare the effects of market volatilities on UNION 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 UNION with a short position of Xponential Fitness. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNION and Xponential Fitness.
Diversification Opportunities for UNION and Xponential Fitness
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between UNION and Xponential is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding UNION ELEC 39 and Xponential Fitness in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xponential Fitness and UNION 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 UNION ELEC 39 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 UNION i.e., UNION and Xponential Fitness go up and down completely randomly.
Pair Corralation between UNION and Xponential Fitness
Assuming the 90 days trading horizon UNION is expected to generate 1.91 times less return on investment than Xponential Fitness. But when comparing it to its historical volatility, UNION ELEC 39 is 5.12 times less risky than Xponential Fitness. It trades about 0.43 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 3, 2024 and sell it today you would earn a total of 263.00 from holding Xponential Fitness or generate 20.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 50.0% |
| Values | Daily Returns |
UNION ELEC 39 vs. Xponential Fitness
Performance |
| Timeline |
| UNION ELEC |
| Xponential Fitness |
UNION and Xponential Fitness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNION and Xponential Fitness
The main advantage of trading using opposite UNION and Xponential Fitness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNION 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.| UNION vs. Playtika Holding Corp | UNION vs. Dave Busters Entertainment | UNION vs. Xponential Fitness | UNION vs. NL Industries |
| Xponential Fitness vs. Planet Fitness | Xponential Fitness vs. JAKKS Pacific | Xponential Fitness vs. Mattel Inc | Xponential Fitness vs. OneSpaWorld 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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