Correlation Between Xponential Fitness and Tiger Reef
Can any of the company-specific risk be diversified away by investing in both Xponential Fitness and Tiger Reef 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 Xponential Fitness and Tiger Reef into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xponential Fitness and Tiger Reef, you can compare the effects of market volatilities on Xponential Fitness and Tiger Reef 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 Xponential Fitness with a short position of Tiger Reef. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xponential Fitness and Tiger Reef.
Diversification Opportunities for Xponential Fitness and Tiger Reef
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Xponential and Tiger is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Xponential Fitness and Tiger Reef in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tiger Reef and Xponential Fitness 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 Xponential Fitness are associated (or correlated) with Tiger Reef. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tiger Reef has no effect on the direction of Xponential Fitness i.e., Xponential Fitness and Tiger Reef go up and down completely randomly.
Pair Corralation between Xponential Fitness and Tiger Reef
If you would invest 1,261 in Xponential Fitness on September 5, 2024 and sell it today you would earn a total of 285.00 from holding Xponential Fitness or generate 22.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Xponential Fitness vs. Tiger Reef
Performance |
| Timeline |
| Xponential Fitness |
| Tiger Reef |
Xponential Fitness and Tiger Reef Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xponential Fitness and Tiger Reef
The main advantage of trading using opposite Xponential Fitness and Tiger Reef positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xponential Fitness position performs unexpectedly, Tiger Reef 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 Tiger Reef will offset losses from the drop in Tiger Reef's long position.| Xponential Fitness vs. Planet Fitness | Xponential Fitness vs. Bowlero Corp | Xponential Fitness vs. JAKKS Pacific | Xponential Fitness vs. Acushnet Holdings Corp |
| Tiger Reef vs. Diageo PLC ADR | Tiger Reef vs. Constellation Brands Class | Tiger Reef vs. Brown Forman | Tiger Reef vs. Davide Campari Milano NV |
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 Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |