Correlation Between Xponential Fitness and STCITY
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By analyzing existing cross correlation between Xponential Fitness and STCITY 65 15 JAN 28, you can compare the effects of market volatilities on Xponential Fitness and STCITY 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 STCITY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xponential Fitness and STCITY.
Diversification Opportunities for Xponential Fitness and STCITY
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xponential and STCITY is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Xponential Fitness and STCITY 65 15 JAN 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STCITY 65 15 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 STCITY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STCITY 65 15 has no effect on the direction of Xponential Fitness i.e., Xponential Fitness and STCITY go up and down completely randomly.
Pair Corralation between Xponential Fitness and STCITY
Given the investment horizon of 90 days Xponential Fitness is expected to generate 57.78 times less return on investment than STCITY. But when comparing it to its historical volatility, Xponential Fitness is 1.9 times less risky than STCITY. It trades about 0.0 of its potential returns per unit of risk. STCITY 65 15 JAN 28 is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 8,532 in STCITY 65 15 JAN 28 on September 3, 2024 and sell it today you would earn a total of 918.00 from holding STCITY 65 15 JAN 28 or generate 10.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 46.24% |
| Values | Daily Returns |
Xponential Fitness vs. STCITY 65 15 JAN 28
Performance |
| Timeline |
| Xponential Fitness |
| STCITY 65 15 |
Xponential Fitness and STCITY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xponential Fitness and STCITY
The main advantage of trading using opposite Xponential Fitness and STCITY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xponential Fitness position performs unexpectedly, STCITY 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 STCITY will offset losses from the drop in STCITY's long position.| Xponential Fitness vs. Planet Fitness | Xponential Fitness vs. JAKKS Pacific | Xponential Fitness vs. Mattel Inc | Xponential Fitness vs. OneSpaWorld 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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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