Correlation Between Teleflex Incorporated and Eagle Pointome
Can any of the company-specific risk be diversified away by investing in both Teleflex Incorporated and Eagle Pointome at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Teleflex Incorporated and Eagle Pointome into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Teleflex Incorporated and Eagle Pointome, you can compare the effects of market volatilities on Teleflex Incorporated and Eagle Pointome 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 Teleflex Incorporated with a short position of Eagle Pointome. Check out your portfolio center. Please also check ongoing floating volatility patterns of Teleflex Incorporated and Eagle Pointome.
Diversification Opportunities for Teleflex Incorporated and Eagle Pointome
-0.89 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Teleflex and Eagle is -0.89. Overlapping area represents the amount of risk that can be diversified away by holding Teleflex Incorporated and Eagle Pointome in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eagle Pointome and Teleflex Incorporated 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 Teleflex Incorporated are associated (or correlated) with Eagle Pointome. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eagle Pointome has no effect on the direction of Teleflex Incorporated i.e., Teleflex Incorporated and Eagle Pointome go up and down completely randomly.
Pair Corralation between Teleflex Incorporated and Eagle Pointome
Considering the 90-day investment horizon Teleflex Incorporated is expected to generate 0.52 times more return on investment than Eagle Pointome. However, Teleflex Incorporated is 1.92 times less risky than Eagle Pointome. It trades about -0.02 of its potential returns per unit of risk. Eagle Pointome is currently generating about -0.04 per unit of risk. If you would invest 23,283 in Teleflex Incorporated on September 4, 2024 and sell it today you would lose (3,852) from holding Teleflex Incorporated or give up 16.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 98.39% |
| Values | Daily Returns |
Teleflex Incorporated vs. Eagle Pointome
Performance |
| Timeline |
| Teleflex Incorporated |
| Eagle Pointome |
Teleflex Incorporated and Eagle Pointome Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Teleflex Incorporated and Eagle Pointome
The main advantage of trading using opposite Teleflex Incorporated and Eagle Pointome positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Teleflex Incorporated position performs unexpectedly, Eagle Pointome 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 Eagle Pointome will offset losses from the drop in Eagle Pointome's long position.| Teleflex Incorporated vs. Baxter International | Teleflex Incorporated vs. West Pharmaceutical Services | Teleflex Incorporated vs. ResMed Inc | Teleflex Incorporated vs. The Cooper Companies, |
| Eagle Pointome vs. Mill City Ventures | Eagle Pointome vs. Juniata Valley Financial | Eagle Pointome vs. Univest Pennsylvania | Eagle Pointome vs. Siriuspoint |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |