Correlation Between Xunlei and Computer Sciences
Can any of the company-specific risk be diversified away by investing in both Xunlei and Computer Sciences 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 Xunlei and Computer Sciences into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xunlei Ltd Adr and Computer Sciences Corp, you can compare the effects of market volatilities on Xunlei and Computer Sciences 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 with a short position of Computer Sciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xunlei and Computer Sciences.
Diversification Opportunities for Xunlei and Computer Sciences
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Xunlei and Computer is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Xunlei Ltd Adr and Computer Sciences Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Computer Sciences Corp and Xunlei 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 Ltd Adr are associated (or correlated) with Computer Sciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Computer Sciences Corp has no effect on the direction of Xunlei i.e., Xunlei and Computer Sciences go up and down completely randomly.
Pair Corralation between Xunlei and Computer Sciences
If you would invest 149.00 in Xunlei Ltd Adr on January 28, 2024 and sell it today you would earn a total of 8.00 from holding Xunlei Ltd Adr or generate 5.37% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Xunlei Ltd Adr vs. Computer Sciences Corp
Performance |
Timeline |
Xunlei Ltd Adr |
Computer Sciences Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Xunlei and Computer Sciences Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xunlei and Computer Sciences
The main advantage of trading using opposite Xunlei and Computer Sciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xunlei position performs unexpectedly, Computer Sciences 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 Computer Sciences will offset losses from the drop in Computer Sciences' long position.Xunlei vs. Travelzoo | Xunlei vs. Emerald Expositions Events | Xunlei vs. Ziff Davis | Xunlei vs. Direct Digital Holdings |
Computer Sciences vs. Arrow Electronics | Computer Sciences vs. Vacasa Inc | Computer Sciences vs. Postal Realty Trust | Computer Sciences vs. Weyco Group |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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