Correlation Between IGM Financial and TUT Fitness
Can any of the company-specific risk be diversified away by investing in both IGM Financial and TUT Fitness 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 IGM Financial and TUT Fitness into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between IGM Financial and TUT Fitness Group, you can compare the effects of market volatilities on IGM Financial and TUT Fitness 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 IGM Financial with a short position of TUT Fitness. Check out your portfolio center. Please also check ongoing floating volatility patterns of IGM Financial and TUT Fitness.
Diversification Opportunities for IGM Financial and TUT Fitness
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IGM and TUT is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding IGM Financial and TUT Fitness Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TUT Fitness Group and IGM Financial 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 IGM Financial are associated (or correlated) with TUT Fitness. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TUT Fitness Group has no effect on the direction of IGM Financial i.e., IGM Financial and TUT Fitness go up and down completely randomly.
Pair Corralation between IGM Financial and TUT Fitness
If you would invest 4,438 in IGM Financial on September 12, 2024 and sell it today you would earn a total of 346.00 from holding IGM Financial or generate 7.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
IGM Financial vs. TUT Fitness Group
Performance |
| Timeline |
| IGM Financial |
| TUT Fitness Group |
IGM Financial and TUT Fitness Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IGM Financial and TUT Fitness
The main advantage of trading using opposite IGM Financial and TUT Fitness positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IGM Financial position performs unexpectedly, TUT Fitness 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 TUT Fitness will offset losses from the drop in TUT Fitness' long position.| IGM Financial vs. Brompton Lifeco Split | IGM Financial vs. North American Financial | IGM Financial vs. Prime Dividend Corp | IGM Financial vs. Financial 15 Split |
| TUT Fitness vs. Apple Inc CDR | TUT Fitness vs. NVIDIA CDR | TUT Fitness vs. Microsoft Corp CDR | TUT Fitness vs. Amazon CDR |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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