Correlation Between TFI International and Payoneer Global
Can any of the company-specific risk be diversified away by investing in both TFI International and Payoneer Global 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 Payoneer Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TFI International and Payoneer Global, you can compare the effects of market volatilities on TFI International and Payoneer Global 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 Payoneer Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of TFI International and Payoneer Global.
Diversification Opportunities for TFI International and Payoneer Global
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between TFI and Payoneer is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding TFI International and Payoneer Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Payoneer Global 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 Payoneer Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Payoneer Global has no effect on the direction of TFI International i.e., TFI International and Payoneer Global go up and down completely randomly.
Pair Corralation between TFI International and Payoneer Global
Given the investment horizon of 90 days TFI International is expected to generate 2.23 times less return on investment than Payoneer Global. But when comparing it to its historical volatility, TFI International is 1.75 times less risky than Payoneer Global. It trades about 0.07 of its potential returns per unit of risk. Payoneer Global is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 544.00 in Payoneer Global on September 14, 2024 and sell it today you would earn a total of 483.00 from holding Payoneer Global or generate 88.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
TFI International vs. Payoneer Global
Performance |
| Timeline |
| TFI International |
| Payoneer Global |
TFI International and Payoneer Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TFI International and Payoneer Global
The main advantage of trading using opposite TFI International and Payoneer Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TFI International position performs unexpectedly, Payoneer Global 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 Payoneer Global will offset losses from the drop in Payoneer Global's long position.| TFI International vs. Old Dominion Freight | TFI International vs. ArcBest Corp | TFI International vs. Marten Transport | TFI International vs. Werner Enterprises |
| Payoneer Global vs. Couchbase | Payoneer Global vs. i3 Verticals | Payoneer Global vs. EverCommerce | Payoneer Global vs. International Money Express |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Stocks Directory Find actively traded stocks across global markets |