Correlation Between CFG BANK and TGCC SA
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By analyzing existing cross correlation between CFG BANK and TGCC SA, you can compare the effects of market volatilities on CFG BANK and TGCC SA 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 CFG BANK with a short position of TGCC SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of CFG BANK and TGCC SA.
Diversification Opportunities for CFG BANK and TGCC SA
Very weak diversification
The 3 months correlation between CFG and TGCC is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding CFG BANK and TGCC SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TGCC SA and CFG BANK 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 CFG BANK are associated (or correlated) with TGCC SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TGCC SA has no effect on the direction of CFG BANK i.e., CFG BANK and TGCC SA go up and down completely randomly.
Pair Corralation between CFG BANK and TGCC SA
Assuming the 90 days trading horizon CFG BANK is expected to generate 1.54 times less return on investment than TGCC SA. But when comparing it to its historical volatility, CFG BANK is 1.11 times less risky than TGCC SA. It trades about 0.15 of its potential returns per unit of risk. TGCC SA is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 12,540 in TGCC SA on December 1, 2024 and sell it today you would earn a total of 57,460 from holding TGCC SA or generate 458.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 60.82% |
| Values | Daily Returns |
CFG BANK vs. TGCC SA
Performance |
| Timeline |
| CFG BANK |
| TGCC SA |
CFG BANK and TGCC SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CFG BANK and TGCC SA
The main advantage of trading using opposite CFG BANK and TGCC SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CFG BANK position performs unexpectedly, TGCC SA 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 TGCC SA will offset losses from the drop in TGCC SA's long position.| CFG BANK vs. CREDIT IMMOBILIER ET | ||
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| TGCC SA vs. CREDIT IMMOBILIER ET | ||
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| TGCC SA vs. HIGHTECH PAYMENT SYSTEMS |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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