Correlation Between Addentax Group and Concorde International
Can any of the company-specific risk be diversified away by investing in both Addentax Group and Concorde International 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 Addentax Group and Concorde International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Addentax Group Corp and Concorde International Group, you can compare the effects of market volatilities on Addentax Group and Concorde International 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 Addentax Group with a short position of Concorde International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Addentax Group and Concorde International.
Diversification Opportunities for Addentax Group and Concorde International
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Addentax and Concorde is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Addentax Group Corp and Concorde International Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Concorde International and Addentax Group 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 Addentax Group Corp are associated (or correlated) with Concorde International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Concorde International has no effect on the direction of Addentax Group i.e., Addentax Group and Concorde International go up and down completely randomly.
Pair Corralation between Addentax Group and Concorde International
Given the investment horizon of 90 days Addentax Group is expected to generate 5.03 times less return on investment than Concorde International. But when comparing it to its historical volatility, Addentax Group Corp is 2.41 times less risky than Concorde International. It trades about 0.03 of its potential returns per unit of risk. Concorde International Group is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 176.00 in Concorde International Group on August 19, 2025 and sell it today you would earn a total of 13.00 from holding Concorde International Group or generate 7.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Addentax Group Corp vs. Concorde International Group
Performance |
| Timeline |
| Addentax Group Corp |
| Concorde International |
Addentax Group and Concorde International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Addentax Group and Concorde International
The main advantage of trading using opposite Addentax Group and Concorde International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Addentax Group position performs unexpectedly, Concorde International 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 Concorde International will offset losses from the drop in Concorde International's long position.| Addentax Group vs. SUNation Energy | Addentax Group vs. BIO Key International | Addentax Group vs. Urban Gro | Addentax Group vs. Expion360 |
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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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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