Correlation Between XLMedia PLC and Accesso Technology
Can any of the company-specific risk be diversified away by investing in both XLMedia PLC and Accesso Technology 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 XLMedia PLC and Accesso Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between XLMedia PLC and Accesso Technology Group, you can compare the effects of market volatilities on XLMedia PLC and Accesso Technology 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 XLMedia PLC with a short position of Accesso Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of XLMedia PLC and Accesso Technology.
Diversification Opportunities for XLMedia PLC and Accesso Technology
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between XLMedia and Accesso is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding XLMedia PLC and Accesso Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accesso Technology and XLMedia PLC 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 XLMedia PLC are associated (or correlated) with Accesso Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accesso Technology has no effect on the direction of XLMedia PLC i.e., XLMedia PLC and Accesso Technology go up and down completely randomly.
Pair Corralation between XLMedia PLC and Accesso Technology
Assuming the 90 days trading horizon XLMedia PLC is expected to generate 1.58 times more return on investment than Accesso Technology. However, XLMedia PLC is 1.58 times more volatile than Accesso Technology Group. It trades about 0.36 of its potential returns per unit of risk. Accesso Technology Group is currently generating about -0.4 per unit of risk. If you would invest 914.00 in XLMedia PLC on October 30, 2024 and sell it today you would earn a total of 141.00 from holding XLMedia PLC or generate 15.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
XLMedia PLC vs. Accesso Technology Group
Performance |
| Timeline |
| XLMedia PLC |
| Accesso Technology |
XLMedia PLC and Accesso Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XLMedia PLC and Accesso Technology
The main advantage of trading using opposite XLMedia PLC and Accesso Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XLMedia PLC position performs unexpectedly, Accesso Technology 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 Accesso Technology will offset losses from the drop in Accesso Technology's long position.| XLMedia PLC vs. Livermore Investments Group | XLMedia PLC vs. Mobius Investment Trust | XLMedia PLC vs. Lindsell Train Investment | XLMedia PLC vs. FC Investment Trust |
| Accesso Technology vs. Samsung Electronics Co | Accesso Technology vs. Samsung Electronics Co | Accesso Technology vs. Toyota Motor Corp | Accesso Technology vs. State Bank of |
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
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |