Correlation Between TTG Fintech and Regis Healthcare
Can any of the company-specific risk be diversified away by investing in both TTG Fintech and Regis Healthcare 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 Regis Healthcare into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TTG Fintech and Regis Healthcare, you can compare the effects of market volatilities on TTG Fintech and Regis Healthcare 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 Regis Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of TTG Fintech and Regis Healthcare.
Diversification Opportunities for TTG Fintech and Regis Healthcare
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between TTG and Regis is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding TTG Fintech and Regis Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Regis Healthcare 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 Regis Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Regis Healthcare has no effect on the direction of TTG Fintech i.e., TTG Fintech and Regis Healthcare go up and down completely randomly.
Pair Corralation between TTG Fintech and Regis Healthcare
If you would invest 646.00 in Regis Healthcare on August 29, 2024 and sell it today you would earn a total of 10.00 from holding Regis Healthcare or generate 1.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
TTG Fintech vs. Regis Healthcare
Performance |
| Timeline |
| TTG Fintech |
| Regis Healthcare |
TTG Fintech and Regis Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TTG Fintech and Regis Healthcare
The main advantage of trading using opposite TTG Fintech and Regis Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TTG Fintech position performs unexpectedly, Regis Healthcare 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 Regis Healthcare will offset losses from the drop in Regis Healthcare's long position.| TTG Fintech vs. Aneka Tambang Tbk | TTG Fintech vs. ANZ Group Holdings | TTG Fintech vs. Australia and New | TTG Fintech vs. Commonwealth Bank |
| Regis Healthcare vs. Westpac Banking | Regis Healthcare vs. Champion Iron | Regis Healthcare vs. Ridley | Regis Healthcare vs. Peel Mining |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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