Correlation Between TFI International and Green
Can any of the company-specific risk be diversified away by investing in both TFI International and Green 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 TFI International and Green into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TFI International and Green And Hill, you can compare the effects of market volatilities on TFI International and Green 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 TFI International with a short position of Green. Check out your portfolio center. Please also check ongoing floating volatility patterns of TFI International and Green.
Diversification Opportunities for TFI International and Green
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between TFI and Green is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding TFI International and Green And Hill in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Green And Hill and TFI International 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 TFI International are associated (or correlated) with Green. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Green And Hill has no effect on the direction of TFI International i.e., TFI International and Green go up and down completely randomly.
Pair Corralation between TFI International and Green
If you would invest 13,429 in TFI International on September 5, 2024 and sell it today you would earn a total of 1,812 from holding TFI International or generate 13.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
TFI International vs. Green And Hill
Performance |
| Timeline |
| TFI International |
| Green And Hill |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
TFI International and Green Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TFI International and Green
The main advantage of trading using opposite TFI International and Green positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TFI International position performs unexpectedly, Green 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 Green will offset losses from the drop in Green's long position.| TFI International vs. Old Dominion Freight | TFI International vs. ArcBest Corp | TFI International vs. Marten Transport | TFI International vs. Werner Enterprises |
| Green vs. Stepan Company | Green vs. TFI International | Green vs. United Guardian | Green vs. Proficient Auto Logistics, |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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