Correlation Between Touchstone International and Peoples Insurance
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By analyzing existing cross correlation between Touchstone International Medical and Peoples Insurance of, you can compare the effects of market volatilities on Touchstone International and Peoples Insurance 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 Touchstone International with a short position of Peoples Insurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Touchstone International and Peoples Insurance.
Diversification Opportunities for Touchstone International and Peoples Insurance
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Touchstone and Peoples is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Touchstone International Medic and Peoples Insurance of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Peoples Insurance and Touchstone International 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 Touchstone International Medical are associated (or correlated) with Peoples Insurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Peoples Insurance has no effect on the direction of Touchstone International i.e., Touchstone International and Peoples Insurance go up and down completely randomly.
Pair Corralation between Touchstone International and Peoples Insurance
Assuming the 90 days trading horizon Touchstone International Medical is expected to under-perform the Peoples Insurance. But the stock apears to be less risky and, when comparing its historical volatility, Touchstone International Medical is 1.11 times less risky than Peoples Insurance. The stock trades about -0.36 of its potential returns per unit of risk. The Peoples Insurance of is currently generating about -0.23 of returns per unit of risk over similar time horizon. If you would invest 745.00 in Peoples Insurance of on October 12, 2024 and sell it today you would lose (73.00) from holding Peoples Insurance of or give up 9.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Touchstone International Medic vs. Peoples Insurance of
Performance |
| Timeline |
| Touchstone International |
| Peoples Insurance |
Touchstone International and Peoples Insurance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Touchstone International and Peoples Insurance
The main advantage of trading using opposite Touchstone International and Peoples Insurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Touchstone International position performs unexpectedly, Peoples Insurance 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 Peoples Insurance will offset losses from the drop in Peoples Insurance's long position.| Touchstone International vs. Holitech Technology Co | Touchstone International vs. Zotye Automobile Co | Touchstone International vs. Bus Online Co | Touchstone International vs. Cultural Investment Holdings |
| Peoples Insurance vs. Innovative Medical Management | Peoples Insurance vs. Touchstone International Medical | Peoples Insurance vs. Chongqing Shunbo Aluminum | Peoples Insurance vs. Winner Medical Co |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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