Correlation Between TELES Informationstech and Pure Storage
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By analyzing existing cross correlation between TELES Informationstechnologien AG and Pure Storage, you can compare the effects of market volatilities on TELES Informationstech and Pure Storage 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 TELES Informationstech with a short position of Pure Storage. Check out your portfolio center. Please also check ongoing floating volatility patterns of TELES Informationstech and Pure Storage.
Diversification Opportunities for TELES Informationstech and Pure Storage
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between TELES and Pure is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding TELES Informationstechnologien and Pure Storage in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pure Storage and TELES Informationstech 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 TELES Informationstechnologien AG are associated (or correlated) with Pure Storage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pure Storage has no effect on the direction of TELES Informationstech i.e., TELES Informationstech and Pure Storage go up and down completely randomly.
Pair Corralation between TELES Informationstech and Pure Storage
Assuming the 90 days trading horizon TELES Informationstechnologien AG is expected to under-perform the Pure Storage. In addition to that, TELES Informationstech is 1.01 times more volatile than Pure Storage. It trades about -0.12 of its total potential returns per unit of risk. Pure Storage is currently generating about 0.13 per unit of volatility. If you would invest 4,675 in Pure Storage on September 2, 2024 and sell it today you would earn a total of 369.00 from holding Pure Storage or generate 7.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
TELES Informationstechnologien vs. Pure Storage
Performance |
| Timeline |
| TELES Informationstech |
| Pure Storage |
TELES Informationstech and Pure Storage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TELES Informationstech and Pure Storage
The main advantage of trading using opposite TELES Informationstech and Pure Storage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TELES Informationstech position performs unexpectedly, Pure Storage 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 Pure Storage will offset losses from the drop in Pure Storage's long position.| TELES Informationstech vs. Motorola Solutions | TELES Informationstech vs. Nokia | TELES Informationstech vs. ZTE Corporation | TELES Informationstech vs. Hewlett Packard Enterprise |
| Pure Storage vs. Superior Plus Corp | Pure Storage vs. NMI Holdings | Pure Storage vs. Origin Agritech | Pure Storage vs. SIVERS SEMICONDUCTORS AB |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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