Correlation Between Tianjin Capital and ONCOR
Specify exactly 2 symbols:
By analyzing existing cross correlation between Tianjin Capital Environmental and ONCOR ELEC DELIVERY, you can compare the effects of market volatilities on Tianjin Capital and ONCOR 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 Tianjin Capital with a short position of ONCOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Capital and ONCOR.
Diversification Opportunities for Tianjin Capital and ONCOR
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between Tianjin and ONCOR is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Capital Environmental and ONCOR ELEC DELIVERY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ONCOR ELEC DELIVERY and Tianjin Capital 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 Tianjin Capital Environmental are associated (or correlated) with ONCOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ONCOR ELEC DELIVERY has no effect on the direction of Tianjin Capital i.e., Tianjin Capital and ONCOR go up and down completely randomly.
Pair Corralation between Tianjin Capital and ONCOR
If you would invest 8,229 in ONCOR ELEC DELIVERY on September 12, 2024 and sell it today you would earn a total of 862.00 from holding ONCOR ELEC DELIVERY or generate 10.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 55.0% |
| Values | Daily Returns |
Tianjin Capital Environmental vs. ONCOR ELEC DELIVERY
Performance |
| Timeline |
| Tianjin Capital Envi |
| ONCOR ELEC DELIVERY |
Tianjin Capital and ONCOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Capital and ONCOR
The main advantage of trading using opposite Tianjin Capital and ONCOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Capital position performs unexpectedly, ONCOR 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 ONCOR will offset losses from the drop in ONCOR's long position.| Tianjin Capital vs. Copa Holdings SA | Tianjin Capital vs. United Airlines Holdings | Tianjin Capital vs. Delta Air Lines | Tianjin Capital vs. SkyWest |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |