Correlation Between TFI International and Illumin Holdings
Can any of the company-specific risk be diversified away by investing in both TFI International and Illumin Holdings 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 Illumin Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TFI International and illumin Holdings, you can compare the effects of market volatilities on TFI International and Illumin Holdings 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 Illumin Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of TFI International and Illumin Holdings.
Diversification Opportunities for TFI International and Illumin Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TFI and Illumin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TFI International and illumin Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on illumin Holdings 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 Illumin Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of illumin Holdings has no effect on the direction of TFI International i.e., TFI International and Illumin Holdings go up and down completely randomly.
Pair Corralation between TFI International and Illumin Holdings
If you would invest 14,252 in TFI International on September 12, 2024 and sell it today you would earn a total of 1,114 from holding TFI International or generate 7.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
TFI International vs. illumin Holdings
Performance |
| Timeline |
| TFI International |
| illumin Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
TFI International and Illumin Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TFI International and Illumin Holdings
The main advantage of trading using opposite TFI International and Illumin Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TFI International position performs unexpectedly, Illumin Holdings 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 Illumin Holdings will offset losses from the drop in Illumin Holdings' long position.| TFI International vs. Old Dominion Freight | TFI International vs. ArcBest Corp | TFI International vs. Marten Transport | TFI International vs. Werner Enterprises |
| Illumin Holdings vs. Xponential Fitness | Illumin Holdings vs. NiSource | Illumin Holdings vs. Playtika Holding Corp | Illumin Holdings vs. Canlan Ice Sports |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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