Correlation Between Xilinx and Flex
Can any of the company-specific risk be diversified away by investing in both Xilinx and Flex 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 Xilinx and Flex into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xilinx Inc and Flex, you can compare the effects of market volatilities on Xilinx and Flex 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 Xilinx with a short position of Flex. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xilinx and Flex.
Diversification Opportunities for Xilinx and Flex
Pay attention - limited upside
The 3 months correlation between Xilinx and Flex is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Xilinx Inc and Flex in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Flex and Xilinx 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 Xilinx Inc are associated (or correlated) with Flex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Flex has no effect on the direction of Xilinx i.e., Xilinx and Flex go up and down completely randomly.
Pair Corralation between Xilinx and Flex
If you would invest 2,853 in Flex on January 26, 2024 and sell it today you would lose (3.00) from holding Flex or give up 0.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Xilinx Inc vs. Flex
Performance |
| Timeline |
| Xilinx Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Flex |
Xilinx and Flex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xilinx and Flex
The main advantage of trading using opposite Xilinx and Flex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xilinx position performs unexpectedly, Flex 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 Flex will offset losses from the drop in Flex's long position.| Xilinx vs. Avient Corp | Xilinx vs. US GoldMining Common | Xilinx vs. Mesa Air Group | Xilinx vs. Alto Ingredients |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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