Correlation Between Addentax Group and Expion360
Can any of the company-specific risk be diversified away by investing in both Addentax Group and Expion360 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 Expion360 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 Expion360, you can compare the effects of market volatilities on Addentax Group and Expion360 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 Expion360. Check out your portfolio center. Please also check ongoing floating volatility patterns of Addentax Group and Expion360.
Diversification Opportunities for Addentax Group and Expion360
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Addentax and Expion360 is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Addentax Group Corp and Expion360 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Expion360 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 Expion360. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Expion360 has no effect on the direction of Addentax Group i.e., Addentax Group and Expion360 go up and down completely randomly.
Pair Corralation between Addentax Group and Expion360
Given the investment horizon of 90 days Addentax Group Corp is expected to generate 0.89 times more return on investment than Expion360. However, Addentax Group Corp is 1.12 times less risky than Expion360. It trades about -0.02 of its potential returns per unit of risk. Expion360 is currently generating about -0.03 per unit of risk. If you would invest 58.00 in Addentax Group Corp on August 28, 2025 and sell it today you would lose (14.00) from holding Addentax Group Corp or give up 24.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Addentax Group Corp vs. Expion360
Performance |
| Timeline |
| Addentax Group Corp |
| Expion360 |
Addentax Group and Expion360 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Addentax Group and Expion360
The main advantage of trading using opposite Addentax Group and Expion360 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Addentax Group position performs unexpectedly, Expion360 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 Expion360 will offset losses from the drop in Expion360's long position.| Addentax Group vs. Retail Food Group | Addentax Group vs. PARKSON Retail Group | Addentax Group vs. EROAD Limited | Addentax Group vs. Strainsforpains |
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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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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