Correlation Between Xponential Fitness and CARPENTER
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By analyzing existing cross correlation between Xponential Fitness and CARPENTER TECHNOLOGY P, you can compare the effects of market volatilities on Xponential Fitness and CARPENTER 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 CARPENTER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xponential Fitness and CARPENTER.
Diversification Opportunities for Xponential Fitness and CARPENTER
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xponential and CARPENTER is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Xponential Fitness and CARPENTER TECHNOLOGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARPENTER TECHNOLOGY 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 CARPENTER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARPENTER TECHNOLOGY has no effect on the direction of Xponential Fitness i.e., Xponential Fitness and CARPENTER go up and down completely randomly.
Pair Corralation between Xponential Fitness and CARPENTER
Given the investment horizon of 90 days Xponential Fitness is expected to under-perform the CARPENTER. In addition to that, Xponential Fitness is 17.93 times more volatile than CARPENTER TECHNOLOGY P. It trades about -0.11 of its total potential returns per unit of risk. CARPENTER TECHNOLOGY P is currently generating about -0.13 per unit of volatility. If you would invest 10,069 in CARPENTER TECHNOLOGY P on September 21, 2024 and sell it today you would lose (59.00) from holding CARPENTER TECHNOLOGY P or give up 0.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xponential Fitness vs. CARPENTER TECHNOLOGY P
Performance |
| Timeline |
| Xponential Fitness |
| CARPENTER TECHNOLOGY |
Xponential Fitness and CARPENTER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xponential Fitness and CARPENTER
The main advantage of trading using opposite Xponential Fitness and CARPENTER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xponential Fitness position performs unexpectedly, CARPENTER 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 CARPENTER will offset losses from the drop in CARPENTER's long position.| Xponential Fitness vs. Planet Fitness | Xponential Fitness vs. Bowlero Corp | Xponential Fitness vs. JAKKS Pacific | Xponential Fitness vs. Acushnet Holdings Corp |
| CARPENTER vs. SunLink Health Systems | CARPENTER vs. United Rentals | CARPENTER vs. Xponential Fitness | CARPENTER vs. Herc Holdings |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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