Correlation Between TFI International and 02376LAA3
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By analyzing existing cross correlation between TFI International and AAL 395 11 JUL 30, you can compare the effects of market volatilities on TFI International and 02376LAA3 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 02376LAA3. Check out your portfolio center. Please also check ongoing floating volatility patterns of TFI International and 02376LAA3.
Diversification Opportunities for TFI International and 02376LAA3
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between TFI and 02376LAA3 is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding TFI International and AAL 395 11 JUL 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 02376LAA3 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 02376LAA3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 02376LAA3 has no effect on the direction of TFI International i.e., TFI International and 02376LAA3 go up and down completely randomly.
Pair Corralation between TFI International and 02376LAA3
Given the investment horizon of 90 days TFI International is expected to generate 0.42 times more return on investment than 02376LAA3. However, TFI International is 2.37 times less risky than 02376LAA3. It trades about 0.27 of its potential returns per unit of risk. AAL 395 11 JUL 30 is currently generating about 0.01 per unit of risk. If you would invest 13,207 in TFI International on September 2, 2024 and sell it today you would earn a total of 1,961 from holding TFI International or generate 14.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 57.14% |
| Values | Daily Returns |
TFI International vs. AAL 395 11 JUL 30
Performance |
| Timeline |
| TFI International |
| 02376LAA3 |
TFI International and 02376LAA3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TFI International and 02376LAA3
The main advantage of trading using opposite TFI International and 02376LAA3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TFI International position performs unexpectedly, 02376LAA3 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 02376LAA3 will offset losses from the drop in 02376LAA3's long position.| TFI International vs. Old Dominion Freight | TFI International vs. ArcBest Corp | TFI International vs. Marten Transport | TFI International vs. Werner Enterprises |
| 02376LAA3 vs. Sun Country Airlines | 02376LAA3 vs. Triton International Limited | 02376LAA3 vs. TFI International | 02376LAA3 vs. Academy Sports Outdoors |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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