Correlation Between Xponential Fitness and HONEYWELL
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By analyzing existing cross correlation between Xponential Fitness and HONEYWELL INTERNATIONAL INC, you can compare the effects of market volatilities on Xponential Fitness and HONEYWELL 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 Xponential Fitness with a short position of HONEYWELL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xponential Fitness and HONEYWELL.
Diversification Opportunities for Xponential Fitness and HONEYWELL
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Xponential and HONEYWELL is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Xponential Fitness and HONEYWELL INTERNATIONAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HONEYWELL INTERNATIONAL and Xponential Fitness 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 Xponential Fitness are associated (or correlated) with HONEYWELL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HONEYWELL INTERNATIONAL has no effect on the direction of Xponential Fitness i.e., Xponential Fitness and HONEYWELL go up and down completely randomly.
Pair Corralation between Xponential Fitness and HONEYWELL
Given the investment horizon of 90 days Xponential Fitness is expected to under-perform the HONEYWELL. In addition to that, Xponential Fitness is 2.6 times more volatile than HONEYWELL INTERNATIONAL INC. It trades about -0.18 of its total potential returns per unit of risk. HONEYWELL INTERNATIONAL INC is currently generating about -0.12 per unit of volatility. If you would invest 9,247 in HONEYWELL INTERNATIONAL INC on September 24, 2024 and sell it today you would lose (304.00) from holding HONEYWELL INTERNATIONAL INC or give up 3.29% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.24% |
Values | Daily Returns |
Xponential Fitness vs. HONEYWELL INTERNATIONAL INC
Performance |
Timeline |
Xponential Fitness |
HONEYWELL INTERNATIONAL |
Xponential Fitness and HONEYWELL Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xponential Fitness and HONEYWELL
The main advantage of trading using opposite Xponential Fitness and HONEYWELL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xponential Fitness position performs unexpectedly, HONEYWELL 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 HONEYWELL will offset losses from the drop in HONEYWELL's long position.Xponential Fitness vs. Planet Fitness | Xponential Fitness vs. Bowlero Corp | Xponential Fitness vs. JAKKS Pacific | Xponential Fitness vs. Acushnet Holdings Corp |
HONEYWELL vs. Xponential Fitness | HONEYWELL vs. Dave Busters Entertainment | HONEYWELL vs. RCS MediaGroup SpA | HONEYWELL vs. Lululemon Athletica |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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