Correlation Between TELES Informationstech and AIR PRODCHEMICALS
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By analyzing existing cross correlation between TELES Informationstechnologien AG and AIR PRODCHEMICALS, you can compare the effects of market volatilities on TELES Informationstech and AIR PRODCHEMICALS 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 AIR PRODCHEMICALS. Check out your portfolio center. Please also check ongoing floating volatility patterns of TELES Informationstech and AIR PRODCHEMICALS.
Diversification Opportunities for TELES Informationstech and AIR PRODCHEMICALS
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between TELES and AIR is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding TELES Informationstechnologien and AIR PRODCHEMICALS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AIR PRODCHEMICALS 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 AIR PRODCHEMICALS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AIR PRODCHEMICALS has no effect on the direction of TELES Informationstech i.e., TELES Informationstech and AIR PRODCHEMICALS go up and down completely randomly.
Pair Corralation between TELES Informationstech and AIR PRODCHEMICALS
Assuming the 90 days trading horizon TELES Informationstechnologien AG is expected to under-perform the AIR PRODCHEMICALS. In addition to that, TELES Informationstech is 2.78 times more volatile than AIR PRODCHEMICALS. It trades about -0.09 of its total potential returns per unit of risk. AIR PRODCHEMICALS is currently generating about -0.1 per unit of volatility. If you would invest 31,230 in AIR PRODCHEMICALS on November 29, 2024 and sell it today you would lose (1,200) from holding AIR PRODCHEMICALS or give up 3.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
TELES Informationstechnologien vs. AIR PRODCHEMICALS
Performance |
| Timeline |
| TELES Informationstech |
| AIR PRODCHEMICALS |
TELES Informationstech and AIR PRODCHEMICALS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TELES Informationstech and AIR PRODCHEMICALS
The main advantage of trading using opposite TELES Informationstech and AIR PRODCHEMICALS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TELES Informationstech position performs unexpectedly, AIR PRODCHEMICALS 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 AIR PRODCHEMICALS will offset losses from the drop in AIR PRODCHEMICALS's long position.| TELES Informationstech vs. Sunstone Hotel Investors | TELES Informationstech vs. INTERCONT HOTELS | TELES Informationstech vs. Dalata Hotel Group | TELES Informationstech vs. USWE SPORTS AB |
| AIR PRODCHEMICALS vs. Retail Estates NV | AIR PRODCHEMICALS vs. FAST RETAIL ADR | AIR PRODCHEMICALS vs. United Overseas Insurance | AIR PRODCHEMICALS vs. CREDIT AGRICOLE |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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