Correlation Between TFI International and INTNED
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By analyzing existing cross correlation between TFI International and INTNED 575, you can compare the effects of market volatilities on TFI International and INTNED 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 INTNED. Check out your portfolio center. Please also check ongoing floating volatility patterns of TFI International and INTNED.
Diversification Opportunities for TFI International and INTNED
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between TFI and INTNED is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding TFI International and INTNED 575 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTNED 575 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 INTNED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTNED 575 has no effect on the direction of TFI International i.e., TFI International and INTNED go up and down completely randomly.
Pair Corralation between TFI International and INTNED
Given the investment horizon of 90 days TFI International is expected to generate 2.93 times more return on investment than INTNED. However, TFI International is 2.93 times more volatile than INTNED 575. It trades about 0.06 of its potential returns per unit of risk. INTNED 575 is currently generating about 0.0 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 | Very Weak |
| Accuracy | 61.64% |
| Values | Daily Returns |
TFI International vs. INTNED 575
Performance |
| Timeline |
| TFI International |
| INTNED 575 |
TFI International and INTNED Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TFI International and INTNED
The main advantage of trading using opposite TFI International and INTNED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TFI International position performs unexpectedly, INTNED 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 INTNED will offset losses from the drop in INTNED's long position.| TFI International vs. Old Dominion Freight | TFI International vs. ArcBest Corp | TFI International vs. Marten Transport | TFI International vs. Werner Enterprises |
| INTNED vs. Yuexiu Transport Infrastructure | INTNED vs. TFI International | INTNED vs. Proficient Auto Logistics, | INTNED vs. Asure Software |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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