Correlation Between XpresSpa and North Media
Can any of the company-specific risk be diversified away by investing in both XpresSpa and North Media 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 XpresSpa and North Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between XpresSpa Group and North Media AS, you can compare the effects of market volatilities on XpresSpa and North Media 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 XpresSpa with a short position of North Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of XpresSpa and North Media.
Diversification Opportunities for XpresSpa and North Media
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between XpresSpa and North is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding XpresSpa Group and North Media AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on North Media AS and XpresSpa 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 XpresSpa Group are associated (or correlated) with North Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of North Media AS has no effect on the direction of XpresSpa i.e., XpresSpa and North Media go up and down completely randomly.
Pair Corralation between XpresSpa and North Media
If you would invest (100.00) in XpresSpa Group on January 19, 2024 and sell it today you would earn a total of 100.00 from holding XpresSpa Group or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
XpresSpa Group vs. North Media AS
Performance |
Timeline |
XpresSpa Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
North Media AS |
XpresSpa and North Media Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with XpresSpa and North Media
The main advantage of trading using opposite XpresSpa and North Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XpresSpa position performs unexpectedly, North Media 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 North Media will offset losses from the drop in North Media's long position.XpresSpa vs. Transphorm Technology | XpresSpa vs. Micron Technology | XpresSpa vs. SEI Investments | XpresSpa vs. P10 Inc |
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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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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