Correlation Between TTG Fintech and OOhMedia
Can any of the company-specific risk be diversified away by investing in both TTG Fintech and OOhMedia 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 OOhMedia into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TTG Fintech and oOhMedia, you can compare the effects of market volatilities on TTG Fintech and OOhMedia 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 OOhMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of TTG Fintech and OOhMedia.
Diversification Opportunities for TTG Fintech and OOhMedia
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between TTG and OOhMedia is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding TTG Fintech and oOhMedia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on oOhMedia 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 OOhMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of oOhMedia has no effect on the direction of TTG Fintech i.e., TTG Fintech and OOhMedia go up and down completely randomly.
Pair Corralation between TTG Fintech and OOhMedia
Assuming the 90 days trading horizon TTG Fintech is expected to under-perform the OOhMedia. In addition to that, TTG Fintech is 3.09 times more volatile than oOhMedia. It trades about -0.01 of its total potential returns per unit of risk. oOhMedia is currently generating about 0.01 per unit of volatility. If you would invest 122.00 in oOhMedia on September 13, 2024 and sell it today you would lose (4.00) from holding oOhMedia or give up 3.28% 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. oOhMedia
Performance |
| Timeline |
| TTG Fintech |
| oOhMedia |
TTG Fintech and OOhMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TTG Fintech and OOhMedia
The main advantage of trading using opposite TTG Fintech and OOhMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TTG Fintech position performs unexpectedly, OOhMedia 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 OOhMedia will offset losses from the drop in OOhMedia's long position.| TTG Fintech vs. BKI Investment | TTG Fintech vs. Diversified United Investment | TTG Fintech vs. Sandon Capital Investments | TTG Fintech vs. Queste Communications |
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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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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