Correlation Between Cxj Group and Aquafil SpA
Can any of the company-specific risk be diversified away by investing in both Cxj Group and Aquafil SpA 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 Cxj Group and Aquafil SpA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cxj Group Co and Aquafil SpA, you can compare the effects of market volatilities on Cxj Group and Aquafil SpA 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 Cxj Group with a short position of Aquafil SpA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cxj Group and Aquafil SpA.
Diversification Opportunities for Cxj Group and Aquafil SpA
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cxj and Aquafil is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Cxj Group Co and Aquafil SpA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aquafil SpA and Cxj 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 Cxj Group Co are associated (or correlated) with Aquafil SpA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aquafil SpA has no effect on the direction of Cxj Group i.e., Cxj Group and Aquafil SpA go up and down completely randomly.
Pair Corralation between Cxj Group and Aquafil SpA
Given the investment horizon of 90 days Cxj Group Co is expected to generate 41.59 times more return on investment than Aquafil SpA. However, Cxj Group is 41.59 times more volatile than Aquafil SpA. It trades about 0.13 of its potential returns per unit of risk. Aquafil SpA is currently generating about 0.17 per unit of risk. If you would invest 0.80 in Cxj Group Co on August 15, 2025 and sell it today you would earn a total of 188.20 from holding Cxj Group Co or generate 23525.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cxj Group Co vs. Aquafil SpA
Performance |
| Timeline |
| Cxj Group |
| Aquafil SpA |
Cxj Group and Aquafil SpA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cxj Group and Aquafil SpA
The main advantage of trading using opposite Cxj Group and Aquafil SpA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cxj Group position performs unexpectedly, Aquafil SpA 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 Aquafil SpA will offset losses from the drop in Aquafil SpA's long position.| Cxj Group vs. WINHA INTERNATIONAL GROUP | Cxj Group vs. Emerge Commerce | Cxj Group vs. Real American Capita | Cxj Group vs. Sears Canada |
| Aquafil SpA vs. Clarke Inc | Aquafil SpA vs. Ainsworth Game Technology | Aquafil SpA vs. Tsutsumi Jewelry CoLtd | Aquafil SpA vs. OXE Marine AB |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |