Correlation Between Xometry and Standex International
Can any of the company-specific risk be diversified away by investing in both Xometry and Standex 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 Xometry and Standex International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Xometry and Standex International, you can compare the effects of market volatilities on Xometry and Standex 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 Xometry with a short position of Standex International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xometry and Standex International.
Diversification Opportunities for Xometry and Standex International
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xometry and Standex is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Xometry and Standex International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Standex International and Xometry 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 Xometry are associated (or correlated) with Standex International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Standex International has no effect on the direction of Xometry i.e., Xometry and Standex International go up and down completely randomly.
Pair Corralation between Xometry and Standex International
Given the investment horizon of 90 days Xometry is expected to generate 2.84 times more return on investment than Standex International. However, Xometry is 2.84 times more volatile than Standex International. It trades about 0.11 of its potential returns per unit of risk. Standex International is currently generating about 0.25 per unit of risk. If you would invest 3,507 in Xometry on May 27, 2025 and sell it today you would earn a total of 1,418 from holding Xometry or generate 40.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xometry vs. Standex International
Performance |
| Timeline |
| Xometry |
| Standex International |
Xometry and Standex International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xometry and Standex International
The main advantage of trading using opposite Xometry and Standex International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xometry position performs unexpectedly, Standex 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 Standex International will offset losses from the drop in Standex International's long position.| Xometry vs. Chart Industries | Xometry vs. Hillenbrand | Xometry vs. Helios Technologies | Xometry vs. LegalZoom |
| Standex International vs. Tennant Company | Standex International vs. Kadant Inc | Standex International vs. Taylor Devices | Standex International vs. Enpro Industries |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |