Correlation Between Townsquare Media and BARCLAYS
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By analyzing existing cross correlation between Townsquare Media and BARCLAYS PLC 365, you can compare the effects of market volatilities on Townsquare Media and BARCLAYS 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 Townsquare Media with a short position of BARCLAYS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Townsquare Media and BARCLAYS.
Diversification Opportunities for Townsquare Media and BARCLAYS
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Townsquare and BARCLAYS is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Townsquare Media and BARCLAYS PLC 365 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BARCLAYS PLC 365 and Townsquare Media 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 Townsquare Media are associated (or correlated) with BARCLAYS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BARCLAYS PLC 365 has no effect on the direction of Townsquare Media i.e., Townsquare Media and BARCLAYS go up and down completely randomly.
Pair Corralation between Townsquare Media and BARCLAYS
Considering the 90-day investment horizon Townsquare Media is expected to generate 3.85 times more return on investment than BARCLAYS. However, Townsquare Media is 3.85 times more volatile than BARCLAYS PLC 365. It trades about 0.02 of its potential returns per unit of risk. BARCLAYS PLC 365 is currently generating about -0.01 per unit of risk. If you would invest 957.00 in Townsquare Media on September 2, 2024 and sell it today you would earn a total of 53.00 from holding Townsquare Media or generate 5.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 93.55% |
| Values | Daily Returns |
Townsquare Media vs. BARCLAYS PLC 365
Performance |
| Timeline |
| Townsquare Media |
| BARCLAYS PLC 365 |
Townsquare Media and BARCLAYS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Townsquare Media and BARCLAYS
The main advantage of trading using opposite Townsquare Media and BARCLAYS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Townsquare Media position performs unexpectedly, BARCLAYS 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 BARCLAYS will offset losses from the drop in BARCLAYS's long position.| Townsquare Media vs. Mirriad Advertising plc | Townsquare Media vs. INEO Tech Corp | Townsquare Media vs. Kidoz Inc | Townsquare Media vs. Marchex |
| BARCLAYS vs. AEP TEX INC | BARCLAYS vs. US BANK NATIONAL | BARCLAYS vs. American Express | BARCLAYS vs. Chevron Corp |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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