Correlation Between Exela Technologies and CXApp
Can any of the company-specific risk be diversified away by investing in both Exela Technologies and CXApp 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 Exela Technologies and CXApp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Exela Technologies Preferred and CXApp Inc, you can compare the effects of market volatilities on Exela Technologies and CXApp 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 Exela Technologies with a short position of CXApp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exela Technologies and CXApp.
Diversification Opportunities for Exela Technologies and CXApp
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Exela and CXApp is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Exela Technologies Preferred and CXApp Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CXApp Inc and Exela Technologies 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 Exela Technologies Preferred are associated (or correlated) with CXApp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CXApp Inc has no effect on the direction of Exela Technologies i.e., Exela Technologies and CXApp go up and down completely randomly.
Pair Corralation between Exela Technologies and CXApp
If you would invest 72.00 in Exela Technologies Preferred on November 3, 2024 and sell it today you would earn a total of 0.00 from holding Exela Technologies Preferred or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Exela Technologies Preferred vs. CXApp Inc
Performance |
| Timeline |
| Exela Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CXApp Inc |
Exela Technologies and CXApp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exela Technologies and CXApp
The main advantage of trading using opposite Exela Technologies and CXApp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exela Technologies position performs unexpectedly, CXApp 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 CXApp will offset losses from the drop in CXApp's long position.| Exela Technologies vs. Lytus Technologies Holdings | Exela Technologies vs. Quoin Pharmaceuticals Ltd | Exela Technologies vs. HeartCore Enterprises | Exela Technologies vs. Soluna Holdings Preferred |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |