Correlation Between TGS Esports and Laurentian Bank
Can any of the company-specific risk be diversified away by investing in both TGS Esports and Laurentian Bank 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 TGS Esports and Laurentian Bank into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TGS Esports and Laurentian Bank, you can compare the effects of market volatilities on TGS Esports and Laurentian Bank 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 TGS Esports with a short position of Laurentian Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of TGS Esports and Laurentian Bank.
Diversification Opportunities for TGS Esports and Laurentian Bank
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TGS and Laurentian is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TGS Esports and Laurentian Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Laurentian Bank and TGS Esports 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 TGS Esports are associated (or correlated) with Laurentian Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Laurentian Bank has no effect on the direction of TGS Esports i.e., TGS Esports and Laurentian Bank go up and down completely randomly.
Pair Corralation between TGS Esports and Laurentian Bank
If you would invest 5.50 in TGS Esports on October 10, 2024 and sell it today you would earn a total of 0.00 from holding TGS Esports or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
TGS Esports vs. Laurentian Bank
Performance |
| Timeline |
| TGS Esports |
| Laurentian Bank |
TGS Esports and Laurentian Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TGS Esports and Laurentian Bank
The main advantage of trading using opposite TGS Esports and Laurentian Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TGS Esports position performs unexpectedly, Laurentian Bank 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 Laurentian Bank will offset losses from the drop in Laurentian Bank's long position.| TGS Esports vs. Jamieson Wellness | TGS Esports vs. Highwood Asset Management | TGS Esports vs. CVS HEALTH CDR | TGS Esports vs. Reliq Health Technologies |
| Laurentian Bank vs. Canadian Western Bank | Laurentian Bank vs. National Bank of | Laurentian Bank vs. Canadian Imperial Bank | Laurentian Bank vs. Great West Lifeco |
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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