Correlation Between TTG Fintech and Archer Exploration
Can any of the company-specific risk be diversified away by investing in both TTG Fintech and Archer Exploration 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 TTG Fintech and Archer Exploration into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TTG Fintech and Archer Exploration, you can compare the effects of market volatilities on TTG Fintech and Archer Exploration 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 TTG Fintech with a short position of Archer Exploration. Check out your portfolio center. Please also check ongoing floating volatility patterns of TTG Fintech and Archer Exploration.
Diversification Opportunities for TTG Fintech and Archer Exploration
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between TTG and Archer is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding TTG Fintech and Archer Exploration in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Archer Exploration and TTG Fintech 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 TTG Fintech are associated (or correlated) with Archer Exploration. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Archer Exploration has no effect on the direction of TTG Fintech i.e., TTG Fintech and Archer Exploration go up and down completely randomly.
Pair Corralation between TTG Fintech and Archer Exploration
Assuming the 90 days trading horizon TTG Fintech is expected to under-perform the Archer Exploration. In addition to that, TTG Fintech is 1.29 times more volatile than Archer Exploration. It trades about -0.01 of its total potential returns per unit of risk. Archer Exploration is currently generating about 0.0 per unit of volatility. If you would invest 66.00 in Archer Exploration on September 3, 2024 and sell it today you would lose (34.00) from holding Archer Exploration or give up 51.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
TTG Fintech vs. Archer Exploration
Performance |
| Timeline |
| TTG Fintech |
| Archer Exploration |
TTG Fintech and Archer Exploration Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TTG Fintech and Archer Exploration
The main advantage of trading using opposite TTG Fintech and Archer Exploration positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TTG Fintech position performs unexpectedly, Archer Exploration 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 Archer Exploration will offset losses from the drop in Archer Exploration's long position.| TTG Fintech vs. Jupiter Energy | TTG Fintech vs. WA1 Resources | TTG Fintech vs. Predictive Discovery | TTG Fintech vs. Cooper Metals |
| Archer Exploration vs. Northern Star Resources | Archer Exploration vs. Evolution Mining | Archer Exploration vs. Bluescope Steel | Archer Exploration vs. Aneka Tambang Tbk |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |