Correlation Between TFI International and KINDER
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By analyzing existing cross correlation between TFI International and KINDER MORGAN ENERGY, you can compare the effects of market volatilities on TFI International and KINDER 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 KINDER. Check out your portfolio center. Please also check ongoing floating volatility patterns of TFI International and KINDER.
Diversification Opportunities for TFI International and KINDER
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between TFI and KINDER is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding TFI International and KINDER MORGAN ENERGY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KINDER MORGAN ENERGY 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 KINDER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KINDER MORGAN ENERGY has no effect on the direction of TFI International i.e., TFI International and KINDER go up and down completely randomly.
Pair Corralation between TFI International and KINDER
Given the investment horizon of 90 days TFI International is expected to generate 0.95 times more return on investment than KINDER. However, TFI International is 1.05 times less risky than KINDER. It trades about 0.22 of its potential returns per unit of risk. KINDER MORGAN ENERGY is currently generating about -0.22 per unit of risk. If you would invest 13,448 in TFI International on August 31, 2024 and sell it today you would earn a total of 1,720 from holding TFI International or generate 12.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 78.26% |
| Values | Daily Returns |
TFI International vs. KINDER MORGAN ENERGY
Performance |
| Timeline |
| TFI International |
| KINDER MORGAN ENERGY |
TFI International and KINDER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TFI International and KINDER
The main advantage of trading using opposite TFI International and KINDER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TFI International position performs unexpectedly, KINDER 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 KINDER will offset losses from the drop in KINDER'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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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