Correlation Between Xebec Adsorption and Graham
Can any of the company-specific risk be diversified away by investing in both Xebec Adsorption and Graham at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Xebec Adsorption and Graham into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xebec Adsorption and Graham, you can compare the effects of market volatilities on Xebec Adsorption and Graham 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 Xebec Adsorption with a short position of Graham. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xebec Adsorption and Graham.
Diversification Opportunities for Xebec Adsorption and Graham
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Xebec and Graham is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Xebec Adsorption and Graham in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Graham and Xebec Adsorption 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 Xebec Adsorption are associated (or correlated) with Graham. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Graham has no effect on the direction of Xebec Adsorption i.e., Xebec Adsorption and Graham go up and down completely randomly.
Pair Corralation between Xebec Adsorption and Graham
If you would invest 2,622 in Graham on September 3, 2024 and sell it today you would earn a total of 1,860 from holding Graham or generate 70.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.2% |
| Values | Daily Returns |
Xebec Adsorption vs. Graham
Performance |
| Timeline |
| Xebec Adsorption |
| Graham |
Xebec Adsorption and Graham Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xebec Adsorption and Graham
The main advantage of trading using opposite Xebec Adsorption and Graham positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xebec Adsorption position performs unexpectedly, Graham 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 Graham will offset losses from the drop in Graham's long position.| Xebec Adsorption vs. Standex International | Xebec Adsorption vs. Intevac | Xebec Adsorption vs. Thermon Group Holdings | Xebec Adsorption vs. Enpro Industries |
| Graham vs. Luxfer Holdings PLC | Graham vs. Enerpac Tool Group | Graham vs. Kadant Inc | Graham vs. Omega Flex |
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 Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |