Correlation Between TFI International and TNEMAK
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By analyzing existing cross correlation between TFI International and TNEMAK 3625 28 JUN 31, you can compare the effects of market volatilities on TFI International and TNEMAK 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 TNEMAK. Check out your portfolio center. Please also check ongoing floating volatility patterns of TFI International and TNEMAK.
Diversification Opportunities for TFI International and TNEMAK
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TFI and TNEMAK is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TFI International and TNEMAK 3625 28 JUN 31 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TNEMAK 3625 28 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 TNEMAK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TNEMAK 3625 28 has no effect on the direction of TFI International i.e., TFI International and TNEMAK go up and down completely randomly.
Pair Corralation between TFI International and TNEMAK
If you would invest 13,429 in TFI International on September 5, 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 | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
TFI International vs. TNEMAK 3625 28 JUN 31
Performance |
| Timeline |
| TFI International |
| TNEMAK 3625 28 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
TFI International and TNEMAK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TFI International and TNEMAK
The main advantage of trading using opposite TFI International and TNEMAK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TFI International position performs unexpectedly, TNEMAK 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 TNEMAK will offset losses from the drop in TNEMAK's long position.| TFI International vs. Old Dominion Freight | TFI International vs. ArcBest Corp | TFI International vs. Marten Transport | TFI International vs. Werner Enterprises |
| TNEMAK vs. Skechers USA | TNEMAK vs. Chemours Co | TNEMAK vs. Braskem SA Class | TNEMAK vs. Ralph Lauren Corp |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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