Correlation Between Xtep International and BlackBerry

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Can any of the company-specific risk be diversified away by investing in both Xtep International and BlackBerry 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 Xtep International and BlackBerry into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xtep International Holdings and BlackBerry, you can compare the effects of market volatilities on Xtep International and BlackBerry 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 Xtep International with a short position of BlackBerry. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xtep International and BlackBerry.

Diversification Opportunities for Xtep International and BlackBerry

-0.47
  Correlation Coefficient

Very good diversification

The 3 months correlation between XTPEF and BlackBerry is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Xtep International Holdings and BlackBerry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BlackBerry and Xtep International 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 Xtep International Holdings are associated (or correlated) with BlackBerry. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BlackBerry has no effect on the direction of Xtep International i.e., Xtep International and BlackBerry go up and down completely randomly.

Pair Corralation between Xtep International and BlackBerry

If you would invest  481.00  in BlackBerry on September 3, 2022 and sell it today you would earn a total of  27.00  from holding BlackBerry or generate 5.61% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy95.45%
ValuesDaily Returns

Xtep International Holdings  vs.  BlackBerry

 Performance (%) 
       Timeline  
Xtep International 
XTPEF Performance
0 of 100
Over the last 90 days Xtep International Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound technical and fundamental indicators, Xtep International is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.

XTPEF Price Channel

BlackBerry 
BlackBerry Performance
0 of 100
Over the last 90 days BlackBerry has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong fundamental drivers, BlackBerry is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

BlackBerry Price Channel

Xtep International and BlackBerry Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Xtep International and BlackBerry

The main advantage of trading using opposite Xtep International and BlackBerry positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xtep International position performs unexpectedly, BlackBerry 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 BlackBerry will offset losses from the drop in BlackBerry's long position.
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The idea behind Xtep International Holdings and BlackBerry 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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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.

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