Correlation Between Xtant Medical and FEDEX
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By analyzing existing cross correlation between Xtant Medical Holdings and FEDEX P 45, you can compare the effects of market volatilities on Xtant Medical and FEDEX 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 Xtant Medical with a short position of FEDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xtant Medical and FEDEX.
Diversification Opportunities for Xtant Medical and FEDEX
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xtant and FEDEX is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Xtant Medical Holdings and FEDEX P 45 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FEDEX P 45 and Xtant Medical 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 Xtant Medical Holdings are associated (or correlated) with FEDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FEDEX P 45 has no effect on the direction of Xtant Medical i.e., Xtant Medical and FEDEX go up and down completely randomly.
Pair Corralation between Xtant Medical and FEDEX
Given the investment horizon of 90 days Xtant Medical Holdings is expected to under-perform the FEDEX. In addition to that, Xtant Medical is 1.93 times more volatile than FEDEX P 45. It trades about -0.4 of its total potential returns per unit of risk. FEDEX P 45 is currently generating about -0.2 per unit of volatility. If you would invest 8,079 in FEDEX P 45 on September 3, 2024 and sell it today you would lose (345.00) from holding FEDEX P 45 or give up 4.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 60.0% |
| Values | Daily Returns |
Xtant Medical Holdings vs. FEDEX P 45
Performance |
| Timeline |
| Xtant Medical Holdings |
| FEDEX P 45 |
Xtant Medical and FEDEX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xtant Medical and FEDEX
The main advantage of trading using opposite Xtant Medical and FEDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xtant Medical position performs unexpectedly, FEDEX 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 FEDEX will offset losses from the drop in FEDEX's long position.| Xtant Medical vs. Neuropace | Xtant Medical vs. Electromed | Xtant Medical vs. Orthopediatrics Corp | Xtant Medical vs. SurModics |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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