Correlation Between Regis Healthcare and TTG Fintech
Can any of the company-specific risk be diversified away by investing in both Regis Healthcare and TTG Fintech 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 Regis Healthcare and TTG Fintech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Regis Healthcare and TTG Fintech, you can compare the effects of market volatilities on Regis Healthcare and TTG Fintech 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 Regis Healthcare with a short position of TTG Fintech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Regis Healthcare and TTG Fintech.
Diversification Opportunities for Regis Healthcare and TTG Fintech
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Regis and TTG is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Regis Healthcare and TTG Fintech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TTG Fintech and Regis Healthcare 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 Regis Healthcare are associated (or correlated) with TTG Fintech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TTG Fintech has no effect on the direction of Regis Healthcare i.e., Regis Healthcare and TTG Fintech go up and down completely randomly.
Pair Corralation between Regis Healthcare and TTG Fintech
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 |
Regis Healthcare vs. TTG Fintech
Performance |
| Timeline |
| Regis Healthcare |
| TTG Fintech |
Regis Healthcare and TTG Fintech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Regis Healthcare and TTG Fintech
The main advantage of trading using opposite Regis Healthcare and TTG Fintech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Regis Healthcare position performs unexpectedly, TTG Fintech 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 TTG Fintech will offset losses from the drop in TTG Fintech's long position.| Regis Healthcare vs. Westpac Banking | Regis Healthcare vs. Champion Iron | Regis Healthcare vs. Ridley | Regis Healthcare vs. Peel Mining |
| TTG Fintech vs. Aneka Tambang Tbk | TTG Fintech vs. ANZ Group Holdings | TTG Fintech vs. Australia and New | TTG Fintech vs. Commonwealth Bank |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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