Correlation Between Moneygram Int and Lexinfintech Holdings
Can any of the company-specific risk be diversified away by investing in both Moneygram Int and Lexinfintech Holdings 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 Moneygram Int and Lexinfintech Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Moneygram Int and Lexinfintech Holdings, you can compare the effects of market volatilities on Moneygram Int and Lexinfintech Holdings 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 Moneygram Int with a short position of Lexinfintech Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Moneygram Int and Lexinfintech Holdings.
Diversification Opportunities for Moneygram Int and Lexinfintech Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Moneygram and Lexinfintech is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Moneygram Int and Lexinfintech Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lexinfintech Holdings and Moneygram Int 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 Moneygram Int are associated (or correlated) with Lexinfintech Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lexinfintech Holdings has no effect on the direction of Moneygram Int i.e., Moneygram Int and Lexinfintech Holdings go up and down completely randomly.
Pair Corralation between Moneygram Int and Lexinfintech Holdings
If you would invest 1,099 in Moneygram Int on January 24, 2024 and sell it today you would earn a total of 0.00 from holding Moneygram Int or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.61% |
| Values | Daily Returns |
Moneygram Int vs. Lexinfintech Holdings
Performance |
| Timeline |
| Moneygram Int |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Lexinfintech Holdings |
Moneygram Int and Lexinfintech Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Moneygram Int and Lexinfintech Holdings
The main advantage of trading using opposite Moneygram Int and Lexinfintech Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Moneygram Int position performs unexpectedly, Lexinfintech Holdings 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 Lexinfintech Holdings will offset losses from the drop in Lexinfintech Holdings' long position.| Moneygram Int vs. SLM Corp | Moneygram Int vs. Orix Corp Ads | Moneygram Int vs. FirstCash | Moneygram Int vs. Medallion Financial Corp |
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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 the Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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