Correlation Between Exela Technologies and Full Truck
Can any of the company-specific risk be diversified away by investing in both Exela Technologies and Full Truck 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 Full Truck 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 Full Truck Alliance, you can compare the effects of market volatilities on Exela Technologies and Full Truck 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 Full Truck. Check out your portfolio center. Please also check ongoing floating volatility patterns of Exela Technologies and Full Truck.
Diversification Opportunities for Exela Technologies and Full Truck
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Exela and Full is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Exela Technologies Preferred and Full Truck Alliance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Full Truck Alliance 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 Full Truck. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Full Truck Alliance has no effect on the direction of Exela Technologies i.e., Exela Technologies and Full Truck go up and down completely randomly.
Pair Corralation between Exela Technologies and Full Truck
If you would invest 1,082 in Full Truck Alliance on November 3, 2024 and sell it today you would earn a total of 44.00 from holding Full Truck Alliance or generate 4.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Exela Technologies Preferred vs. Full Truck Alliance
Performance |
| Timeline |
| Exela Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Full Truck Alliance |
Exela Technologies and Full Truck Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Exela Technologies and Full Truck
The main advantage of trading using opposite Exela Technologies and Full Truck positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Exela Technologies position performs unexpectedly, Full Truck 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 Full Truck will offset losses from the drop in Full Truck'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 |
| Full Truck vs. Domo Inc | Full Truck vs. Oblong Inc | Full Truck vs. Kingsoft Cloud Holdings | Full Truck vs. Bm Technologies |
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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