Correlation Between Citrine Global and Teleperformance
Can any of the company-specific risk be diversified away by investing in both Citrine Global and Teleperformance 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 Citrine Global and Teleperformance into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citrine Global Corp and Teleperformance SE, you can compare the effects of market volatilities on Citrine Global and Teleperformance 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 Citrine Global with a short position of Teleperformance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citrine Global and Teleperformance.
Diversification Opportunities for Citrine Global and Teleperformance
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Citrine and Teleperformance is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Citrine Global Corp and Teleperformance SE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Teleperformance SE and Citrine Global 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 Citrine Global Corp are associated (or correlated) with Teleperformance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Teleperformance SE has no effect on the direction of Citrine Global i.e., Citrine Global and Teleperformance go up and down completely randomly.
Pair Corralation between Citrine Global and Teleperformance
If you would invest 8,350 in Teleperformance SE on October 23, 2024 and sell it today you would earn a total of 630.00 from holding Teleperformance SE or generate 7.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
Citrine Global Corp vs. Teleperformance SE
Performance |
| Timeline |
| Citrine Global Corp |
| Teleperformance SE |
Citrine Global and Teleperformance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citrine Global and Teleperformance
The main advantage of trading using opposite Citrine Global and Teleperformance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citrine Global position performs unexpectedly, Teleperformance 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 Teleperformance will offset losses from the drop in Teleperformance's long position.| Citrine Global vs. Mills Music Trust | Citrine Global vs. Blue Water Ventures | Citrine Global vs. DATA Communications Management | Citrine Global vs. Mitie Group Plc |
| Teleperformance vs. Teleperformance PK | Teleperformance vs. SMC Corp | Teleperformance vs. Schindler Holding AG | Teleperformance vs. Straumann Holding AG |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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