Correlation Between Xponential Fitness and Wicket Gaming
Can any of the company-specific risk be diversified away by investing in both Xponential Fitness and Wicket Gaming at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Xponential Fitness and Wicket Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xponential Fitness and Wicket Gaming AB, you can compare the effects of market volatilities on Xponential Fitness and Wicket Gaming 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 Wicket Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xponential Fitness and Wicket Gaming.
Diversification Opportunities for Xponential Fitness and Wicket Gaming
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Xponential and Wicket is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Xponential Fitness and Wicket Gaming AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wicket Gaming AB 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 Wicket Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wicket Gaming AB has no effect on the direction of Xponential Fitness i.e., Xponential Fitness and Wicket Gaming go up and down completely randomly.
Pair Corralation between Xponential Fitness and Wicket Gaming
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 | Flat |
| Strength | Insignificant |
| Accuracy | 45.45% |
| Values | Daily Returns |
Xponential Fitness vs. Wicket Gaming AB
Performance |
| Timeline |
| Xponential Fitness |
| Wicket Gaming AB |
Xponential Fitness and Wicket Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xponential Fitness and Wicket Gaming
The main advantage of trading using opposite Xponential Fitness and Wicket Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xponential Fitness position performs unexpectedly, Wicket Gaming 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 Wicket Gaming will offset losses from the drop in Wicket Gaming's long position.| Xponential Fitness vs. Planet Fitness | Xponential Fitness vs. Bowlero Corp | Xponential Fitness vs. JAKKS Pacific | Xponential Fitness vs. Acushnet Holdings Corp |
| Wicket Gaming vs. Playstudios | Wicket Gaming vs. Doubledown Interactive Co | Wicket Gaming vs. Bragg Gaming Group | Wicket Gaming vs. Golden Matrix Group |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |