Correlation Between BRISTOL and TFI International
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By analyzing existing cross correlation between BRISTOL MYERS SQUIBB CO and TFI International, you can compare the effects of market volatilities on BRISTOL and TFI International 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 BRISTOL with a short position of TFI International. Check out your portfolio center. Please also check ongoing floating volatility patterns of BRISTOL and TFI International.
Diversification Opportunities for BRISTOL and TFI International
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between BRISTOL and TFI is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding BRISTOL MYERS SQUIBB CO and TFI International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TFI International and BRISTOL 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 BRISTOL MYERS SQUIBB CO are associated (or correlated) with TFI International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TFI International has no effect on the direction of BRISTOL i.e., BRISTOL and TFI International go up and down completely randomly.
Pair Corralation between BRISTOL and TFI International
Assuming the 90 days trading horizon BRISTOL MYERS SQUIBB CO is expected to under-perform the TFI International. But the bond apears to be less risky and, when comparing its historical volatility, BRISTOL MYERS SQUIBB CO is 2.43 times less risky than TFI International. The bond trades about -0.04 of its potential returns per unit of risk. The TFI International is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 13,207 in TFI International on September 2, 2024 and sell it today you would earn a total of 1,961 from holding TFI International or generate 14.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
BRISTOL MYERS SQUIBB CO vs. TFI International
Performance |
| Timeline |
| BRISTOL MYERS SQUIBB |
| TFI International |
BRISTOL and TFI International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BRISTOL and TFI International
The main advantage of trading using opposite BRISTOL and TFI International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BRISTOL position performs unexpectedly, TFI International 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 TFI International will offset losses from the drop in TFI International's long position.| BRISTOL vs. TFI International | BRISTOL vs. Ryanair Holdings PLC | BRISTOL vs. Delek Logistics Partners | BRISTOL vs. Allient |
| TFI International vs. Old Dominion Freight | TFI International vs. ArcBest Corp | TFI International vs. Marten Transport | TFI International vs. Werner Enterprises |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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