Correlation Between Teleflex Incorporated and Occidental
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By analyzing existing cross correlation between Teleflex Incorporated and Occidental Petroleum 75, you can compare the effects of market volatilities on Teleflex Incorporated and Occidental 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 Occidental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Teleflex Incorporated and Occidental.
Diversification Opportunities for Teleflex Incorporated and Occidental
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Teleflex and Occidental is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Teleflex Incorporated and Occidental Petroleum 75 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Occidental Petroleum 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 Occidental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Occidental Petroleum has no effect on the direction of Teleflex Incorporated i.e., Teleflex Incorporated and Occidental go up and down completely randomly.
Pair Corralation between Teleflex Incorporated and Occidental
Considering the 90-day investment horizon Teleflex Incorporated is expected to under-perform the Occidental. In addition to that, Teleflex Incorporated is 3.44 times more volatile than Occidental Petroleum 75. It trades about -0.02 of its total potential returns per unit of risk. Occidental Petroleum 75 is currently generating about -0.01 per unit of volatility. If you would invest 11,098 in Occidental Petroleum 75 on September 3, 2024 and sell it today you would lose (264.00) from holding Occidental Petroleum 75 or give up 2.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.59% |
| Values | Daily Returns |
Teleflex Incorporated vs. Occidental Petroleum 75
Performance |
| Timeline |
| Teleflex Incorporated |
| Occidental Petroleum |
Teleflex Incorporated and Occidental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Teleflex Incorporated and Occidental
The main advantage of trading using opposite Teleflex Incorporated and Occidental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Teleflex Incorporated position performs unexpectedly, Occidental 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 Occidental will offset losses from the drop in Occidental's long position.| Teleflex Incorporated vs. Alcon AG | Teleflex Incorporated vs. The Cooper Companies, | Teleflex Incorporated vs. Becton Dickinson and | Teleflex Incorporated vs. Merit Medical Systems |
| Occidental vs. National Beverage Corp | Occidental vs. Fernhill Beverage | Occidental vs. Fevertree Drinks Plc | Occidental vs. Suntory Beverage Food |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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