Correlation Between Tegna and Kuya Silver
Can any of the company-specific risk be diversified away by investing in both Tegna and Kuya Silver 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 Tegna and Kuya Silver into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tegna Inc and Kuya Silver, you can compare the effects of market volatilities on Tegna and Kuya Silver 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 Tegna with a short position of Kuya Silver. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tegna and Kuya Silver.
Diversification Opportunities for Tegna and Kuya Silver
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Tegna and Kuya is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Tegna Inc and Kuya Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kuya Silver and Tegna 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 Tegna Inc are associated (or correlated) with Kuya Silver. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kuya Silver has no effect on the direction of Tegna i.e., Tegna and Kuya Silver go up and down completely randomly.
Pair Corralation between Tegna and Kuya Silver
Given the investment horizon of 90 days Tegna Inc is expected to generate 0.43 times more return on investment than Kuya Silver. However, Tegna Inc is 2.32 times less risky than Kuya Silver. It trades about 0.11 of its potential returns per unit of risk. Kuya Silver is currently generating about 0.01 per unit of risk. If you would invest 1,429 in Tegna Inc on November 4, 2024 and sell it today you would earn a total of 393.00 from holding Tegna Inc or generate 27.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tegna Inc vs. Kuya Silver
Performance |
| Timeline |
| Tegna Inc |
| Kuya Silver |
Tegna and Kuya Silver Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tegna and Kuya Silver
The main advantage of trading using opposite Tegna and Kuya Silver positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tegna position performs unexpectedly, Kuya Silver 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 Kuya Silver will offset losses from the drop in Kuya Silver's long position.| Tegna vs. E W Scripps | Tegna vs. Gray Television | Tegna vs. iHeartMedia Class A | Tegna vs. Cumulus Media Class |
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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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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