Correlation Between Xponential Fitness and SOUTHERN
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By analyzing existing cross correlation between Xponential Fitness and SOUTHERN CALIF EDISON, you can compare the effects of market volatilities on Xponential Fitness and SOUTHERN 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 SOUTHERN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xponential Fitness and SOUTHERN.
Diversification Opportunities for Xponential Fitness and SOUTHERN
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Xponential and SOUTHERN is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Xponential Fitness and SOUTHERN CALIF EDISON in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SOUTHERN CALIF EDISON 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 SOUTHERN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SOUTHERN CALIF EDISON has no effect on the direction of Xponential Fitness i.e., Xponential Fitness and SOUTHERN go up and down completely randomly.
Pair Corralation between Xponential Fitness and SOUTHERN
Given the investment horizon of 90 days Xponential Fitness is expected to generate 7.51 times more return on investment than SOUTHERN. However, Xponential Fitness is 7.51 times more volatile than SOUTHERN CALIF EDISON. It trades about 0.16 of its potential returns per unit of risk. SOUTHERN CALIF EDISON is currently generating about 0.13 per unit of risk. 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 | Moves Against |
| Strength | Very Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
Xponential Fitness vs. SOUTHERN CALIF EDISON
Performance |
| Timeline |
| Xponential Fitness |
| SOUTHERN CALIF EDISON |
Xponential Fitness and SOUTHERN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xponential Fitness and SOUTHERN
The main advantage of trading using opposite Xponential Fitness and SOUTHERN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xponential Fitness position performs unexpectedly, SOUTHERN 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 SOUTHERN will offset losses from the drop in SOUTHERN's long position.| Xponential Fitness vs. Planet Fitness | Xponential Fitness vs. Bowlero Corp | Xponential Fitness vs. JAKKS Pacific | Xponential Fitness vs. Acushnet Holdings Corp |
| SOUTHERN vs. Ainsworth Game Technology | SOUTHERN vs. Xponential Fitness | SOUTHERN vs. Wicket Gaming AB | SOUTHERN vs. Marine Products |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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