Correlation Between Xunlei and SUPER HI
Can any of the company-specific risk be diversified away by investing in both Xunlei and SUPER HI 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 Xunlei and SUPER HI into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xunlei Ltd Adr and SUPER HI INTERNATIONAL, you can compare the effects of market volatilities on Xunlei and SUPER HI 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 Xunlei with a short position of SUPER HI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xunlei and SUPER HI.
Diversification Opportunities for Xunlei and SUPER HI
Very weak diversification
The 3 months correlation between Xunlei and SUPER is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Xunlei Ltd Adr and SUPER HI INTERNATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUPER HI INTERNATIONAL and Xunlei 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 Xunlei Ltd Adr are associated (or correlated) with SUPER HI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUPER HI INTERNATIONAL has no effect on the direction of Xunlei i.e., Xunlei and SUPER HI go up and down completely randomly.
Pair Corralation between Xunlei and SUPER HI
Given the investment horizon of 90 days Xunlei Ltd Adr is expected to generate 0.79 times more return on investment than SUPER HI. However, Xunlei Ltd Adr is 1.27 times less risky than SUPER HI. It trades about 0.06 of its potential returns per unit of risk. SUPER HI INTERNATIONAL is currently generating about 0.04 per unit of risk. If you would invest 150.00 in Xunlei Ltd Adr on September 12, 2024 and sell it today you would earn a total of 64.00 from holding Xunlei Ltd Adr or generate 42.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 58.06% |
| Values | Daily Returns |
Xunlei Ltd Adr vs. SUPER HI INTERNATIONAL
Performance |
| Timeline |
| Xunlei Ltd Adr |
| SUPER HI INTERNATIONAL |
Xunlei and SUPER HI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xunlei and SUPER HI
The main advantage of trading using opposite Xunlei and SUPER HI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xunlei position performs unexpectedly, SUPER HI 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 SUPER HI will offset losses from the drop in SUPER HI's long position.| Xunlei vs. Travelzoo | Xunlei vs. Emerald Expositions Events | Xunlei vs. Ziff Davis | Xunlei vs. Direct Digital Holdings |
| SUPER HI vs. Noble Romans | SUPER HI vs. Flanigans Enterprises | SUPER HI vs. FAT Brands | SUPER HI vs. El Pollo Loco |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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