Correlation Between TFI International and APPLE
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By analyzing existing cross correlation between TFI International and APPLE INC, you can compare the effects of market volatilities on TFI International and APPLE 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 APPLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of TFI International and APPLE.
Diversification Opportunities for TFI International and APPLE
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between TFI and APPLE is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding TFI International and APPLE INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPLE INC 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 APPLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPLE INC has no effect on the direction of TFI International i.e., TFI International and APPLE go up and down completely randomly.
Pair Corralation between TFI International and APPLE
Given the investment horizon of 90 days TFI International is expected to generate 4.25 times more return on investment than APPLE. However, TFI International is 4.25 times more volatile than APPLE INC. It trades about 0.04 of its potential returns per unit of risk. APPLE INC is currently generating about -0.13 per unit of risk. If you would invest 14,582 in TFI International on September 2, 2024 and sell it today you would earn a total of 586.00 from holding TFI International or generate 4.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
TFI International vs. APPLE INC
Performance |
| Timeline |
| TFI International |
| APPLE INC |
TFI International and APPLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TFI International and APPLE
The main advantage of trading using opposite TFI International and APPLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TFI International position performs unexpectedly, APPLE 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 APPLE will offset losses from the drop in APPLE's long position.| TFI International vs. Old Dominion Freight | TFI International vs. ArcBest Corp | TFI International vs. Marten Transport | TFI International vs. Werner Enterprises |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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