Correlation Between XS Financial and Cosmos Group
Can any of the company-specific risk be diversified away by investing in both XS Financial and Cosmos Group 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 XS Financial and Cosmos Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between XS Financial and Cosmos Group Holdings, you can compare the effects of market volatilities on XS Financial and Cosmos Group 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 XS Financial with a short position of Cosmos Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of XS Financial and Cosmos Group.
Diversification Opportunities for XS Financial and Cosmos Group
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between XSHLF and Cosmos is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding XS Financial and Cosmos Group Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cosmos Group Holdings and XS Financial 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 XS Financial are associated (or correlated) with Cosmos Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cosmos Group Holdings has no effect on the direction of XS Financial i.e., XS Financial and Cosmos Group go up and down completely randomly.
Pair Corralation between XS Financial and Cosmos Group
If you would invest 0.01 in Cosmos Group Holdings on August 27, 2024 and sell it today you would lose (0.01) from holding Cosmos Group Holdings or give up 100.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
XS Financial vs. Cosmos Group Holdings
Performance |
| Timeline |
| XS Financial |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Cosmos Group Holdings |
XS Financial and Cosmos Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XS Financial and Cosmos Group
The main advantage of trading using opposite XS Financial and Cosmos Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XS Financial position performs unexpectedly, Cosmos Group 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 Cosmos Group will offset losses from the drop in Cosmos Group's long position.| XS Financial vs. Zip Co Limited | XS Financial vs. KYN Capital Group | XS Financial vs. CYIOS | XS Financial vs. Cosmos Group Holdings |
| Cosmos Group vs. Element Solutions | Cosmos Group vs. Orion Engineered Carbons | Cosmos Group vs. Minerals Technologies | Cosmos Group vs. Ingevity Corp |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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