Correlation Between Turning Point and 49456BAW1
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By analyzing existing cross correlation between Turning Point Brands and KMI 545 01 AUG 52, you can compare the effects of market volatilities on Turning Point and 49456BAW1 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 Turning Point with a short position of 49456BAW1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Turning Point and 49456BAW1.
Diversification Opportunities for Turning Point and 49456BAW1
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Turning and 49456BAW1 is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Turning Point Brands and KMI 545 01 AUG 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KMI 545 01 and Turning Point 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 Turning Point Brands are associated (or correlated) with 49456BAW1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KMI 545 01 has no effect on the direction of Turning Point i.e., Turning Point and 49456BAW1 go up and down completely randomly.
Pair Corralation between Turning Point and 49456BAW1
Considering the 90-day investment horizon Turning Point Brands is expected to generate 1.89 times more return on investment than 49456BAW1. However, Turning Point is 1.89 times more volatile than KMI 545 01 AUG 52. It trades about 0.42 of its potential returns per unit of risk. KMI 545 01 AUG 52 is currently generating about 0.0 per unit of risk. If you would invest 5,250 in Turning Point Brands on September 12, 2024 and sell it today you would earn a total of 1,138 from holding Turning Point Brands or generate 21.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
Turning Point Brands vs. KMI 545 01 AUG 52
Performance |
| Timeline |
| Turning Point Brands |
| KMI 545 01 |
Turning Point and 49456BAW1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Turning Point and 49456BAW1
The main advantage of trading using opposite Turning Point and 49456BAW1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Turning Point position performs unexpectedly, 49456BAW1 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 49456BAW1 will offset losses from the drop in 49456BAW1's long position.| Turning Point vs. Universal | Turning Point vs. Imperial Brands PLC | Turning Point vs. British American Tobacco | Turning Point vs. Philip Morris International |
| 49456BAW1 vs. Space Communication | 49456BAW1 vs. Zedge Inc | 49456BAW1 vs. Steven Madden | 49456BAW1 vs. National CineMedia |
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 Managers module to screen money managers from public funds and ETFs managed around the world.
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