Correlation Between TFI International and GLOBAL
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By analyzing existing cross correlation between TFI International and GLOBAL PAYMENTS INC, you can compare the effects of market volatilities on TFI International and 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 GLOBAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of TFI International and GLOBAL.
Diversification Opportunities for TFI International and GLOBAL
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between TFI and GLOBAL is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding TFI International and GLOBAL PAYMENTS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GLOBAL PAYMENTS 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 GLOBAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GLOBAL PAYMENTS INC has no effect on the direction of TFI International i.e., TFI International and GLOBAL go up and down completely randomly.
Pair Corralation between TFI International and GLOBAL
Given the investment horizon of 90 days TFI International is expected to generate 0.85 times more return on investment than GLOBAL. However, TFI International is 1.18 times less risky than GLOBAL. It trades about 0.18 of its potential returns per unit of risk. GLOBAL PAYMENTS INC is currently generating about -0.21 per unit of risk. If you would invest 14,794 in TFI International on September 12, 2024 and sell it today you would earn a total of 648.00 from holding TFI International or generate 4.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
TFI International vs. GLOBAL PAYMENTS INC
Performance |
| Timeline |
| TFI International |
| GLOBAL PAYMENTS INC |
TFI International and GLOBAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TFI International and GLOBAL
The main advantage of trading using opposite TFI International and GLOBAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TFI International position performs unexpectedly, 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 GLOBAL will offset losses from the drop in 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 |
| GLOBAL vs. AEP TEX INC | GLOBAL vs. US BANK NATIONAL | GLOBAL vs. Applied Blockchain | GLOBAL vs. Sprott Focus Trust |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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