Correlation Between Radiant Logistics and Addentax Group
Can any of the company-specific risk be diversified away by investing in both Radiant Logistics and Addentax Group 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 Radiant Logistics and Addentax Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Radiant Logistics and Addentax Group Corp, you can compare the effects of market volatilities on Radiant Logistics and Addentax Group 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 Radiant Logistics with a short position of Addentax Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Radiant Logistics and Addentax Group.
Diversification Opportunities for Radiant Logistics and Addentax Group
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Radiant and Addentax is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Radiant Logistics and Addentax Group Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Addentax Group Corp and Radiant Logistics 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 Radiant Logistics are associated (or correlated) with Addentax Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Addentax Group Corp has no effect on the direction of Radiant Logistics i.e., Radiant Logistics and Addentax Group go up and down completely randomly.
Pair Corralation between Radiant Logistics and Addentax Group
Given the investment horizon of 90 days Radiant Logistics is expected to generate 0.29 times more return on investment than Addentax Group. However, Radiant Logistics is 3.49 times less risky than Addentax Group. It trades about 0.07 of its potential returns per unit of risk. Addentax Group Corp is currently generating about -0.02 per unit of risk. If you would invest 600.00 in Radiant Logistics on May 28, 2025 and sell it today you would earn a total of 38.00 from holding Radiant Logistics or generate 6.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Radiant Logistics vs. Addentax Group Corp
Performance |
| Timeline |
| Radiant Logistics |
| Addentax Group Corp |
Radiant Logistics and Addentax Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Radiant Logistics and Addentax Group
The main advantage of trading using opposite Radiant Logistics and Addentax Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Radiant Logistics position performs unexpectedly, Addentax Group 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 Addentax Group will offset losses from the drop in Addentax Group's long position.| Radiant Logistics vs. EVI Industries | Radiant Logistics vs. PAMT P | Radiant Logistics vs. ReposiTrak | Radiant Logistics vs. Universal Logistics Holdings |
| Addentax Group vs. Jayud Global Logistics | Addentax Group vs. Freightos Limited Ordinary | Addentax Group vs. Radiant Logistics | Addentax Group vs. JB Hunt Transport |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |