Correlation Between TFS FINANCIAL and IMAGIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both TFS FINANCIAL and IMAGIN MEDICAL 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 TFS FINANCIAL and IMAGIN MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TFS FINANCIAL and IMAGIN MEDICAL INC, you can compare the effects of market volatilities on TFS FINANCIAL and IMAGIN MEDICAL 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 TFS FINANCIAL with a short position of IMAGIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of TFS FINANCIAL and IMAGIN MEDICAL.
Diversification Opportunities for TFS FINANCIAL and IMAGIN MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TFS and IMAGIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TFS FINANCIAL and IMAGIN MEDICAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IMAGIN MEDICAL INC and TFS 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 TFS FINANCIAL are associated (or correlated) with IMAGIN MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IMAGIN MEDICAL INC has no effect on the direction of TFS FINANCIAL i.e., TFS FINANCIAL and IMAGIN MEDICAL go up and down completely randomly.
Pair Corralation between TFS FINANCIAL and IMAGIN MEDICAL
If you would invest 1,210 in TFS FINANCIAL on September 1, 2024 and sell it today you would earn a total of 120.00 from holding TFS FINANCIAL or generate 9.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
TFS FINANCIAL vs. IMAGIN MEDICAL INC
Performance |
| Timeline |
| TFS FINANCIAL |
| IMAGIN MEDICAL INC |
TFS FINANCIAL and IMAGIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TFS FINANCIAL and IMAGIN MEDICAL
The main advantage of trading using opposite TFS FINANCIAL and IMAGIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TFS FINANCIAL position performs unexpectedly, IMAGIN MEDICAL 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 IMAGIN MEDICAL will offset losses from the drop in IMAGIN MEDICAL's long position.| TFS FINANCIAL vs. Infrastrutture Wireless Italiane | TFS FINANCIAL vs. Sumitomo Chemical | TFS FINANCIAL vs. Sekisui Chemical Co | TFS FINANCIAL vs. 24SEVENOFFICE GROUP AB |
| IMAGIN MEDICAL vs. Marie Brizard Wine | IMAGIN MEDICAL vs. Siamgas And Petrochemicals | IMAGIN MEDICAL vs. ITALIAN WINE BRANDS | IMAGIN MEDICAL vs. AIR PRODCHEMICALS |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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