Correlation Between TFI International and CONSOLIDATED
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By analyzing existing cross correlation between TFI International and CONSOLIDATED EDISON N, you can compare the effects of market volatilities on TFI International and CONSOLIDATED 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 CONSOLIDATED. Check out your portfolio center. Please also check ongoing floating volatility patterns of TFI International and CONSOLIDATED.
Diversification Opportunities for TFI International and CONSOLIDATED
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between TFI and CONSOLIDATED is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding TFI International and CONSOLIDATED EDISON N in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONSOLIDATED EDISON 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 CONSOLIDATED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONSOLIDATED EDISON has no effect on the direction of TFI International i.e., TFI International and CONSOLIDATED go up and down completely randomly.
Pair Corralation between TFI International and CONSOLIDATED
Given the investment horizon of 90 days TFI International is expected to generate 1.36 times more return on investment than CONSOLIDATED. However, TFI International is 1.36 times more volatile than CONSOLIDATED EDISON N. It trades about 0.06 of its potential returns per unit of risk. CONSOLIDATED EDISON N is currently generating about -0.02 per unit of risk. If you would invest 13,345 in TFI International on September 3, 2024 and sell it today you would earn a total of 1,823 from holding TFI International or generate 13.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 58.9% |
| Values | Daily Returns |
TFI International vs. CONSOLIDATED EDISON N
Performance |
| Timeline |
| TFI International |
| CONSOLIDATED EDISON |
TFI International and CONSOLIDATED Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TFI International and CONSOLIDATED
The main advantage of trading using opposite TFI International and CONSOLIDATED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TFI International position performs unexpectedly, CONSOLIDATED 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 CONSOLIDATED will offset losses from the drop in CONSOLIDATED's long position.| TFI International vs. Old Dominion Freight | TFI International vs. ArcBest Corp | TFI International vs. Marten Transport | TFI International vs. Werner Enterprises |
| CONSOLIDATED vs. Algoma Steel Group | CONSOLIDATED vs. TFI International | CONSOLIDATED vs. Summit Environmental | CONSOLIDATED vs. Yuexiu Transport Infrastructure |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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