Correlation Between Soken Chemical and TUI AG
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By analyzing existing cross correlation between Soken Chemical Engineering and TUI AG, you can compare the effects of market volatilities on Soken Chemical and TUI AG 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 Soken Chemical with a short position of TUI AG. Check out your portfolio center. Please also check ongoing floating volatility patterns of Soken Chemical and TUI AG.
Diversification Opportunities for Soken Chemical and TUI AG
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Soken and TUI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Soken Chemical Engineering and TUI AG in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TUI AG and Soken Chemical 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 Soken Chemical Engineering are associated (or correlated) with TUI AG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TUI AG has no effect on the direction of Soken Chemical i.e., Soken Chemical and TUI AG go up and down completely randomly.
Pair Corralation between Soken Chemical and TUI AG
If you would invest 673.00 in TUI AG on September 3, 2024 and sell it today you would earn a total of 78.00 from holding TUI AG or generate 11.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.34% |
| Values | Daily Returns |
Soken Chemical Engineering vs. TUI AG
Performance |
| Timeline |
| Soken Chemical Engin |
| TUI AG |
Soken Chemical and TUI AG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Soken Chemical and TUI AG
The main advantage of trading using opposite Soken Chemical and TUI AG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Soken Chemical position performs unexpectedly, TUI AG 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 TUI AG will offset losses from the drop in TUI AG's long position.| Soken Chemical vs. Salesforce | Soken Chemical vs. Ribbon Communications | Soken Chemical vs. CarsalesCom | Soken Chemical vs. SK TELECOM TDADR |
| TUI AG vs. TIANDE CHEMICAL | TUI AG vs. Mitsubishi Gas Chemical | TUI AG vs. NISSAN CHEMICAL IND | TUI AG vs. Soken Chemical Engineering |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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