Correlation Between TUI AG and TRIPCOM GROUP
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By analyzing existing cross correlation between TUI AG and TRIPCOM GROUP DL 00125, you can compare the effects of market volatilities on TUI AG and TRIPCOM GROUP 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 TUI AG with a short position of TRIPCOM GROUP. Check out your portfolio center. Please also check ongoing floating volatility patterns of TUI AG and TRIPCOM GROUP.
Diversification Opportunities for TUI AG and TRIPCOM GROUP
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between TUI and TRIPCOM is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding TUI AG and TRIPCOM GROUP DL 00125 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRIPCOM GROUP DL and TUI AG 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 TUI AG are associated (or correlated) with TRIPCOM GROUP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRIPCOM GROUP DL has no effect on the direction of TUI AG i.e., TUI AG and TRIPCOM GROUP go up and down completely randomly.
Pair Corralation between TUI AG and TRIPCOM GROUP
Assuming the 90 days trading horizon TUI AG is expected to under-perform the TRIPCOM GROUP. But the stock apears to be less risky and, when comparing its historical volatility, TUI AG is 1.14 times less risky than TRIPCOM GROUP. The stock trades about -0.03 of its potential returns per unit of risk. The TRIPCOM GROUP DL 00125 is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 6,146 in TRIPCOM GROUP DL 00125 on November 3, 2024 and sell it today you would earn a total of 654.00 from holding TRIPCOM GROUP DL 00125 or generate 10.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
TUI AG vs. TRIPCOM GROUP DL 00125
Performance |
| Timeline |
| TUI AG |
| TRIPCOM GROUP DL |
TUI AG and TRIPCOM GROUP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TUI AG and TRIPCOM GROUP
The main advantage of trading using opposite TUI AG and TRIPCOM GROUP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TUI AG position performs unexpectedly, TRIPCOM GROUP 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 TRIPCOM GROUP will offset losses from the drop in TRIPCOM GROUP's long position.| TUI AG vs. Osisko Metals | TUI AG vs. ARDAGH METAL PACDL 0001 | TUI AG vs. UMC Electronics Co | TUI AG vs. FUYO GENERAL LEASE |
| TRIPCOM GROUP vs. JIAHUA STORES | TRIPCOM GROUP vs. Costco Wholesale Corp | TRIPCOM GROUP vs. Fast Retailing Co | TRIPCOM GROUP vs. COSTCO WHOLESALE CDR |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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