Correlation Between Dufu Tech and TAS Offshore
Can any of the company-specific risk be diversified away by investing in both Dufu Tech and TAS Offshore 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 Dufu Tech and TAS Offshore into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dufu Tech Corp and TAS Offshore Bhd, you can compare the effects of market volatilities on Dufu Tech and TAS Offshore 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 Dufu Tech with a short position of TAS Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dufu Tech and TAS Offshore.
Diversification Opportunities for Dufu Tech and TAS Offshore
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Dufu and TAS is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Dufu Tech Corp and TAS Offshore Bhd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TAS Offshore Bhd and Dufu Tech 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 Dufu Tech Corp are associated (or correlated) with TAS Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TAS Offshore Bhd has no effect on the direction of Dufu Tech i.e., Dufu Tech and TAS Offshore go up and down completely randomly.
Pair Corralation between Dufu Tech and TAS Offshore
Assuming the 90 days trading horizon Dufu Tech is expected to generate 45.49 times less return on investment than TAS Offshore. But when comparing it to its historical volatility, Dufu Tech Corp is 1.77 times less risky than TAS Offshore. It trades about 0.0 of its potential returns per unit of risk. TAS Offshore Bhd is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 19.00 in TAS Offshore Bhd on September 4, 2024 and sell it today you would earn a total of 46.00 from holding TAS Offshore Bhd or generate 242.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dufu Tech Corp vs. TAS Offshore Bhd
Performance |
| Timeline |
| Dufu Tech Corp |
| TAS Offshore Bhd |
Dufu Tech and TAS Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dufu Tech and TAS Offshore
The main advantage of trading using opposite Dufu Tech and TAS Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dufu Tech position performs unexpectedly, TAS Offshore 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 TAS Offshore will offset losses from the drop in TAS Offshore's long position.| Dufu Tech vs. TAS Offshore Bhd | Dufu Tech vs. Awanbiru Technology Bhd | Dufu Tech vs. Farm Price Holdings | Dufu Tech vs. FARM FRESH BERHAD |
| TAS Offshore vs. MClean Technologies Bhd | TAS Offshore vs. Kawan Food Bhd | TAS Offshore vs. Petronas Chemicals Group | TAS Offshore vs. Sunway Construction Group |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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