Correlation Between Intel and TENCNT
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By analyzing existing cross correlation between Intel and TENCNT 3975 11 APR 29, you can compare the effects of market volatilities on Intel and TENCNT 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 Intel with a short position of TENCNT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and TENCNT.
Diversification Opportunities for Intel and TENCNT
Very poor diversification
The 3 months correlation between Intel and TENCNT is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Intel and TENCNT 3975 11 APR 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TENCNT 75 11 and Intel 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 Intel are associated (or correlated) with TENCNT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TENCNT 75 11 has no effect on the direction of Intel i.e., Intel and TENCNT go up and down completely randomly.
Pair Corralation between Intel and TENCNT
Given the investment horizon of 90 days Intel is expected to generate 2.6 times more return on investment than TENCNT. However, Intel is 2.6 times more volatile than TENCNT 3975 11 APR 29. It trades about 0.07 of its potential returns per unit of risk. TENCNT 3975 11 APR 29 is currently generating about -0.95 per unit of risk. If you would invest 2,320 in Intel on September 2, 2024 and sell it today you would earn a total of 85.00 from holding Intel or generate 3.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 19.05% |
| Values | Daily Returns |
Intel vs. TENCNT 3975 11 APR 29
Performance |
| Timeline |
| Intel |
| TENCNT 75 11 |
Intel and TENCNT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and TENCNT
The main advantage of trading using opposite Intel and TENCNT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, TENCNT 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 TENCNT will offset losses from the drop in TENCNT's long position.| Intel vs. NXP Semiconductors NV | Intel vs. GSI Technology | Intel vs. MaxLinear | Intel vs. Texas Instruments Incorporated |
| TENCNT vs. Iridium Communications | TENCNT vs. WiMi Hologram Cloud | TENCNT vs. Pinterest | TENCNT vs. CECO Environmental Corp |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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