Correlation Between Xponential Fitness and TOMARI
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By analyzing existing cross correlation between Xponential Fitness and TOMARI 1512 28 SEP 26, you can compare the effects of market volatilities on Xponential Fitness and TOMARI 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 TOMARI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xponential Fitness and TOMARI.
Diversification Opportunities for Xponential Fitness and TOMARI
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xponential and TOMARI is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Xponential Fitness and TOMARI 1512 28 SEP 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TOMARI 1512 28 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 TOMARI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TOMARI 1512 28 has no effect on the direction of Xponential Fitness i.e., Xponential Fitness and TOMARI go up and down completely randomly.
Pair Corralation between Xponential Fitness and TOMARI
Given the investment horizon of 90 days Xponential Fitness is expected to generate 3.31 times more return on investment than TOMARI. However, Xponential Fitness is 3.31 times more volatile than TOMARI 1512 28 SEP 26. It trades about 0.13 of its potential returns per unit of risk. TOMARI 1512 28 SEP 26 is currently generating about -0.35 per unit of risk. If you would invest 1,290 in Xponential Fitness on August 31, 2024 and sell it today you would earn a total of 234.00 from holding Xponential Fitness or generate 18.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 34.78% |
| Values | Daily Returns |
Xponential Fitness vs. TOMARI 1512 28 SEP 26
Performance |
| Timeline |
| Xponential Fitness |
| TOMARI 1512 28 |
Xponential Fitness and TOMARI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xponential Fitness and TOMARI
The main advantage of trading using opposite Xponential Fitness and TOMARI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xponential Fitness position performs unexpectedly, TOMARI 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 TOMARI will offset losses from the drop in TOMARI's long position.| Xponential Fitness vs. Chipotle Mexican Grill | Xponential Fitness vs. Dominos Pizza | Xponential Fitness vs. Yum Brands | Xponential Fitness vs. The Wendys Co |
| TOMARI vs. Xponential Fitness | TOMARI vs. Playtika Holding Corp | TOMARI vs. Skechers USA | TOMARI vs. Duluth 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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