Correlation Between Xponential Fitness and 404139AJ6
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By analyzing existing cross correlation between Xponential Fitness and US404139AJ64, you can compare the effects of market volatilities on Xponential Fitness and 404139AJ6 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 404139AJ6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xponential Fitness and 404139AJ6.
Diversification Opportunities for Xponential Fitness and 404139AJ6
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xponential and 404139AJ6 is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Xponential Fitness and US404139AJ64 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US404139AJ64 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 404139AJ6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US404139AJ64 has no effect on the direction of Xponential Fitness i.e., Xponential Fitness and 404139AJ6 go up and down completely randomly.
Pair Corralation between Xponential Fitness and 404139AJ6
Given the investment horizon of 90 days Xponential Fitness is expected to generate 1.63 times more return on investment than 404139AJ6. However, Xponential Fitness is 1.63 times more volatile than US404139AJ64. It trades about 0.17 of its potential returns per unit of risk. US404139AJ64 is currently generating about -0.48 per unit of risk. If you would invest 1,261 in Xponential Fitness on September 4, 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 | Moves Together |
| Strength | Weak |
| Accuracy | 19.05% |
| Values | Daily Returns |
Xponential Fitness vs. US404139AJ64
Performance |
| Timeline |
| Xponential Fitness |
| US404139AJ64 |
Xponential Fitness and 404139AJ6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xponential Fitness and 404139AJ6
The main advantage of trading using opposite Xponential Fitness and 404139AJ6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xponential Fitness position performs unexpectedly, 404139AJ6 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 404139AJ6 will offset losses from the drop in 404139AJ6's long position.| Xponential Fitness vs. Hyatt Hotels | Xponential Fitness vs. Smart Share Global | Xponential Fitness vs. Sweetgreen | Xponential Fitness vs. Wyndham Hotels Resorts |
| 404139AJ6 vs. Xponential Fitness | 404139AJ6 vs. Transportadora de Gas | 404139AJ6 vs. Suburban Propane Partners | 404139AJ6 vs. Archrock |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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