Correlation Between TFI International and 06051GHX0
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By analyzing existing cross correlation between TFI International and BANK OF AMERICA, you can compare the effects of market volatilities on TFI International and 06051GHX0 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 06051GHX0. Check out your portfolio center. Please also check ongoing floating volatility patterns of TFI International and 06051GHX0.
Diversification Opportunities for TFI International and 06051GHX0
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between TFI and 06051GHX0 is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding TFI International and BANK OF AMERICA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BANK OF AMERICA 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 06051GHX0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BANK OF AMERICA has no effect on the direction of TFI International i.e., TFI International and 06051GHX0 go up and down completely randomly.
Pair Corralation between TFI International and 06051GHX0
Given the investment horizon of 90 days TFI International is expected to generate 2.15 times more return on investment than 06051GHX0. However, TFI International is 2.15 times more volatile than BANK OF AMERICA. It trades about 0.23 of its potential returns per unit of risk. BANK OF AMERICA is currently generating about -0.18 per unit of risk. If you would invest 13,429 in TFI International on September 4, 2024 and sell it today you would earn a total of 1,664 from holding TFI International or generate 12.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
TFI International vs. BANK OF AMERICA
Performance |
| Timeline |
| TFI International |
| BANK OF AMERICA |
TFI International and 06051GHX0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TFI International and 06051GHX0
The main advantage of trading using opposite TFI International and 06051GHX0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TFI International position performs unexpectedly, 06051GHX0 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 06051GHX0 will offset losses from the drop in 06051GHX0's long position.| TFI International vs. Old Dominion Freight | TFI International vs. ArcBest Corp | TFI International vs. Marten Transport | TFI International vs. Werner Enterprises |
| 06051GHX0 vs. Nike Inc | 06051GHX0 vs. TFI International | 06051GHX0 vs. Sun Country Airlines | 06051GHX0 vs. Steven Madden |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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