Correlation Between Xponential Fitness and 30321L2E1
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By analyzing existing cross correlation between Xponential Fitness and FG 515 07 JUL 25, you can compare the effects of market volatilities on Xponential Fitness and 30321L2E1 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 30321L2E1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xponential Fitness and 30321L2E1.
Diversification Opportunities for Xponential Fitness and 30321L2E1
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xponential and 30321L2E1 is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Xponential Fitness and FG 515 07 JUL 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FG 515 07 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 30321L2E1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FG 515 07 has no effect on the direction of Xponential Fitness i.e., Xponential Fitness and 30321L2E1 go up and down completely randomly.
Pair Corralation between Xponential Fitness and 30321L2E1
Given the investment horizon of 90 days Xponential Fitness is expected to generate 8.0 times more return on investment than 30321L2E1. However, Xponential Fitness is 8.0 times more volatile than FG 515 07 JUL 25. It trades about 0.02 of its potential returns per unit of risk. FG 515 07 JUL 25 is currently generating about -0.15 per unit of risk. If you would invest 1,423 in Xponential Fitness on September 12, 2024 and sell it today you would earn a total of 13.00 from holding Xponential Fitness or generate 0.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 42.19% |
| Values | Daily Returns |
Xponential Fitness vs. FG 515 07 JUL 25
Performance |
| Timeline |
| Xponential Fitness |
| FG 515 07 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Xponential Fitness and 30321L2E1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xponential Fitness and 30321L2E1
The main advantage of trading using opposite Xponential Fitness and 30321L2E1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xponential Fitness position performs unexpectedly, 30321L2E1 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 30321L2E1 will offset losses from the drop in 30321L2E1's long position.| Xponential Fitness vs. Nathans Famous | Xponential Fitness vs. Flanigans Enterprises | Xponential Fitness vs. Good Times Restaurants | Xponential Fitness vs. Auburn National Bancorporation |
| 30321L2E1 vs. Li Auto | 30321L2E1 vs. AKITA Drilling | 30321L2E1 vs. U Power Limited | 30321L2E1 vs. Kulicke and Soffa |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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