Correlation Between Mangazeya Mining and Xponential Fitness

Can any of the company-specific risk be diversified away by investing in both Mangazeya Mining and Xponential Fitness 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 Mangazeya Mining and Xponential Fitness into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Mangazeya Mining and Xponential Fitness, you can compare the effects of market volatilities on Mangazeya Mining and Xponential Fitness 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 Mangazeya Mining with a short position of Xponential Fitness. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mangazeya Mining and Xponential Fitness.

Diversification Opportunities for Mangazeya Mining and Xponential Fitness

0.0

Correlation Coefficient

Mangazeya Mining  Xponential Fitness

Pay attention - limited upside

The 3 months correlation between Mangazeya and Xponential is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mangazeya Mining and Xponential Fitness in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xponential Fitness and Mangazeya Mining 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 Mangazeya Mining are associated (or correlated) with Xponential Fitness. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xponential Fitness has no effect on the direction of Mangazeya Mining i.e., Mangazeya Mining and Xponential Fitness go up and down completely randomly.

Pair Corralation between Mangazeya Mining and Xponential Fitness

If you would invest  1,370  in Xponential Fitness on September 14, 2024 and sell it today you would earn a total of  35.00  from holding Xponential Fitness or generate 2.55% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	98.41%
Values	Daily Returns

Mangazeya Mining  vs.  Xponential Fitness

Mangazeya Mining

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Mangazeya Mining has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable technical and fundamental indicators, Mangazeya Mining is not utilizing all of its potentials. The recent stock price disturbance, may contribute to mid-run losses for the stockholders.

Xponential Fitness

Risk-Adjusted Performance

2 of 100

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Xponential Fitness are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. Despite nearly unfluctuating basic indicators, Xponential Fitness may actually be approaching a critical reversion point that can send shares even higher in January 2025.

Pair Trading with Mangazeya Mining and Xponential Fitness

The main advantage of trading using opposite Mangazeya Mining and Xponential Fitness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mangazeya Mining position performs unexpectedly, Xponential Fitness 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 Xponential Fitness will offset losses from the drop in Xponential Fitness' long position.

The idea behind Mangazeya Mining and Xponential Fitness pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Transaction History module to view history of all your transactions and understand their impact on performance.