Correlation Between TTG Fintech and Janison Education
Can any of the company-specific risk be diversified away by investing in both TTG Fintech and Janison Education 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 Janison Education into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TTG Fintech and Janison Education Group, you can compare the effects of market volatilities on TTG Fintech and Janison Education 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 Janison Education. Check out your portfolio center. Please also check ongoing floating volatility patterns of TTG Fintech and Janison Education.
Diversification Opportunities for TTG Fintech and Janison Education
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between TTG and Janison is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding TTG Fintech and Janison Education Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Janison Education 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 Janison Education. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Janison Education has no effect on the direction of TTG Fintech i.e., TTG Fintech and Janison Education go up and down completely randomly.
Pair Corralation between TTG Fintech and Janison Education
Assuming the 90 days trading horizon TTG Fintech is expected to generate 1.41 times more return on investment than Janison Education. However, TTG Fintech is 1.41 times more volatile than Janison Education Group. It trades about 0.01 of its potential returns per unit of risk. Janison Education Group is currently generating about 0.01 per unit of risk. If you would invest 1.20 in TTG Fintech on September 21, 2024 and sell it today you would lose (0.50) from holding TTG Fintech or give up 41.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
TTG Fintech vs. Janison Education Group
Performance |
| Timeline |
| TTG Fintech |
| Janison Education |
TTG Fintech and Janison Education Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TTG Fintech and Janison Education
The main advantage of trading using opposite TTG Fintech and Janison Education positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TTG Fintech position performs unexpectedly, Janison Education 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 Janison Education will offset losses from the drop in Janison Education's long position.| TTG Fintech vs. Richmond Vanadium Technology | TTG Fintech vs. Cleanaway Waste Management | TTG Fintech vs. Bio Gene Technology | TTG Fintech vs. Skycity Entertainment Group |
| Janison Education vs. Audio Pixels Holdings | Janison Education vs. Iodm | Janison Education vs. Nsx | Janison Education vs. TTG Fintech |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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