Correlation Between CMCSA and TFI International

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Can any of the company-specific risk be diversified away by investing in both CMCSA and TFI International at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining CMCSA and TFI International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CMCSA 465 15 FEB 33 and TFI International, you can compare the effects of market volatilities on CMCSA 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 CMCSA with a short position of TFI International. Check out your portfolio center. Please also check ongoing floating volatility patterns of CMCSA and TFI International.

Diversification Opportunities for CMCSA and TFI International

0.12
  Correlation Coefficient

Average diversification

The 3 months correlation between CMCSA and TFI is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding CMCSA 465 15 FEB 33 and TFI International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TFI International and CMCSA 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 CMCSA 465 15 FEB 33 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 CMCSA i.e., CMCSA and TFI International go up and down completely randomly.

Pair Corralation between CMCSA and TFI International

Assuming the 90 days trading horizon CMCSA 465 15 FEB 33 is expected to generate 0.28 times more return on investment than TFI International. However, CMCSA 465 15 FEB 33 is 3.57 times less risky than TFI International. It trades about 0.02 of its potential returns per unit of risk. TFI International is currently generating about -0.01 per unit of risk. If you would invest  9,625  in CMCSA 465 15 FEB 33 on November 28, 2024 and sell it today you would earn a total of  572.00  from holding CMCSA 465 15 FEB 33 or generate 5.94% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy95.55%
ValuesDaily Returns

CMCSA 465 15 FEB 33  vs.  TFI International

 Performance 
       Timeline  
CMCSA 465 15 

Risk-Adjusted Performance

Modest

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in CMCSA 465 15 FEB 33 are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Despite somewhat strong basic indicators, CMCSA is not utilizing all of its potentials. The recent stock price disturbance, may contribute to short-term losses for the investors.
TFI International 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days TFI International has generated negative risk-adjusted returns adding no value to investors with long positions. Despite conflicting performance in the last few months, the Stock's forward indicators remain fairly strong which may send shares a bit higher in March 2025. The recent confusion may also be a sign of long-lasting up-swing for the firm traders.

CMCSA and TFI International Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with CMCSA and TFI International

The main advantage of trading using opposite CMCSA and TFI International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CMCSA 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.
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The idea behind CMCSA 465 15 FEB 33 and TFI International pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.

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