Correlation Between Teleflex Incorporated and GENERAL
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By analyzing existing cross correlation between Teleflex Incorporated and GENERAL ELEC CAP, you can compare the effects of market volatilities on Teleflex Incorporated and GENERAL 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 GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Teleflex Incorporated and GENERAL.
Diversification Opportunities for Teleflex Incorporated and GENERAL
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Teleflex and GENERAL is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Teleflex Incorporated and GENERAL ELEC CAP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL ELEC CAP 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 GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL ELEC CAP has no effect on the direction of Teleflex Incorporated i.e., Teleflex Incorporated and GENERAL go up and down completely randomly.
Pair Corralation between Teleflex Incorporated and GENERAL
If you would invest (100.00) in GENERAL ELEC CAP on August 27, 2024 and sell it today you would earn a total of 100.00 from holding GENERAL ELEC CAP or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
Teleflex Incorporated vs. GENERAL ELEC CAP
Performance |
| Timeline |
| Teleflex Incorporated |
| GENERAL ELEC CAP |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Teleflex Incorporated and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Teleflex Incorporated and GENERAL
The main advantage of trading using opposite Teleflex Incorporated and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Teleflex Incorporated position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Teleflex Incorporated vs. West Pharmaceutical Services | Teleflex Incorporated vs. Alcon AG | Teleflex Incorporated vs. ResMed Inc | Teleflex Incorporated vs. ICU Medical |
| GENERAL vs. Getty Realty | GENERAL vs. Century Aluminum | GENERAL vs. Maanshan Iron Steel | GENERAL vs. Kaiser Aluminum |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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