Correlation Analysis Between Xunlei Limited and Alphabet

This module allows you to analyze existing cross correlation between Xunlei Limited American Depos and Alphabet. You can compare the effects of market volatilities on Xunlei Limited and Alphabet 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 Xunlei Limited with a short position of Alphabet. See also your portfolio center. Please also check ongoing floating volatility patterns of Xunlei Limited and Alphabet.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Xunlei Limited American  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Xunlei Limited American Depos are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively weak essential indicators, Xunlei Limited unveiled solid returns over the last few months and may actually be approaching a breakup point.
Alphabet  
77

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Alphabet are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days. In spite of rather weak fundamental drivers, Alphabet exhibited solid returns over the last few months and may actually be approaching a breakup point.

Xunlei Limited and Alphabet Volatility Contrast

 Predicted Return Density 
      Returns 

Xunlei Limited American Depos  vs.  Alphabet Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Xunlei Limited American Depos is expected to generate 3.02 times more return on investment than Alphabet. However, Xunlei Limited is 3.02 times more volatile than Alphabet. It trades about 0.05 of its potential returns per unit of risk. Alphabet is currently generating about 0.12 per unit of risk. If you would invest  255.00  in Xunlei Limited American Depos on August 16, 2019 and sell it today you would earn a total of  24.00  from holding Xunlei Limited American Depos or generate 9.41% return on investment over 30 days.

Pair Corralation between Xunlei Limited and Alphabet

0.79
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Xunlei Limited and Alphabet

Xunlei Limited American Depos diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Xunlei Limited American Depos and Alphabet Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Alphabet and Xunlei Limited 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 Xunlei Limited American Depos are associated (or correlated) with Alphabet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alphabet has no effect on the direction of Xunlei Limited i.e. Xunlei Limited and Alphabet go up and down completely randomly.
See also your portfolio center. Please also try Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.


 
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