Correlation Between Xunlei and Paiute Oil
Can any of the company-specific risk be diversified away by investing in both Xunlei and Paiute Oil 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 Paiute Oil 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 Paiute Oil Mining, you can compare the effects of market volatilities on Xunlei and Paiute Oil 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 Paiute Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xunlei and Paiute Oil.
Diversification Opportunities for Xunlei and Paiute Oil
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Xunlei and Paiute is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Xunlei Ltd Adr and Paiute Oil Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Paiute Oil Mining 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 Paiute Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Paiute Oil Mining has no effect on the direction of Xunlei i.e., Xunlei and Paiute Oil go up and down completely randomly.
Pair Corralation between Xunlei and Paiute Oil
If you would invest 191.00 in Xunlei Ltd Adr on September 2, 2024 and sell it today you would earn a total of 7.00 from holding Xunlei Ltd Adr or generate 3.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xunlei Ltd Adr vs. Paiute Oil Mining
Performance |
| Timeline |
| Xunlei Ltd Adr |
| Paiute Oil Mining |
Xunlei and Paiute Oil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xunlei and Paiute Oil
The main advantage of trading using opposite Xunlei and Paiute Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xunlei position performs unexpectedly, Paiute Oil 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 Paiute Oil will offset losses from the drop in Paiute Oil's long position.| Xunlei vs. Travelzoo | Xunlei vs. Emerald Expositions Events | Xunlei vs. Ziff Davis | Xunlei vs. Direct Digital Holdings |
| Paiute Oil vs. CF Industries Holdings | Paiute Oil vs. United Homes Group | Paiute Oil vs. Stepan Company | Paiute Oil vs. Balchem |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. |