Correlation Between XSpring Capital and Grande Hospitality
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By analyzing existing cross correlation between XSpring Capital Public and Grande Hospitality Real, you can compare the effects of market volatilities on XSpring Capital and Grande Hospitality 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 XSpring Capital with a short position of Grande Hospitality. Check out your portfolio center. Please also check ongoing floating volatility patterns of XSpring Capital and Grande Hospitality.
Diversification Opportunities for XSpring Capital and Grande Hospitality
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between XSpring and Grande is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding XSpring Capital Public and Grande Hospitality Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grande Hospitality Real and XSpring Capital 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 XSpring Capital Public are associated (or correlated) with Grande Hospitality. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grande Hospitality Real has no effect on the direction of XSpring Capital i.e., XSpring Capital and Grande Hospitality go up and down completely randomly.
Pair Corralation between XSpring Capital and Grande Hospitality
Assuming the 90 days trading horizon XSpring Capital Public is expected to under-perform the Grande Hospitality. In addition to that, XSpring Capital is 2.38 times more volatile than Grande Hospitality Real. It trades about -0.04 of its total potential returns per unit of risk. Grande Hospitality Real is currently generating about -0.06 per unit of volatility. If you would invest 660.00 in Grande Hospitality Real on September 3, 2024 and sell it today you would lose (10.00) from holding Grande Hospitality Real or give up 1.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
XSpring Capital Public vs. Grande Hospitality Real
Performance |
| Timeline |
| XSpring Capital Public |
| Grande Hospitality Real |
XSpring Capital and Grande Hospitality Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XSpring Capital and Grande Hospitality
The main advantage of trading using opposite XSpring Capital and Grande Hospitality positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XSpring Capital position performs unexpectedly, Grande Hospitality 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 Grande Hospitality will offset losses from the drop in Grande Hospitality's long position.| XSpring Capital vs. TMBThanachart Bank Public | XSpring Capital vs. Ngern Tid Lor | XSpring Capital vs. Jay Mart Public | XSpring Capital vs. Sri Trang Gloves |
| Grande Hospitality vs. Ramkhamhaeng Hospital Public | Grande Hospitality vs. BPS TECHNOLOGY PUBLIC | Grande Hospitality vs. SAF Special Steel | Grande Hospitality vs. S Hotels and |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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