Correlation Between LOWES and Teleflex Incorporated
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By analyzing existing cross correlation between LOWES PANIES INC and Teleflex Incorporated, you can compare the effects of market volatilities on LOWES and Teleflex Incorporated 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 LOWES with a short position of Teleflex Incorporated. Check out your portfolio center. Please also check ongoing floating volatility patterns of LOWES and Teleflex Incorporated.
Diversification Opportunities for LOWES and Teleflex Incorporated
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between LOWES and Teleflex is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding LOWES PANIES INC and Teleflex Incorporated in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Teleflex Incorporated and LOWES 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 LOWES PANIES INC are associated (or correlated) with Teleflex Incorporated. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Teleflex Incorporated has no effect on the direction of LOWES i.e., LOWES and Teleflex Incorporated go up and down completely randomly.
Pair Corralation between LOWES and Teleflex Incorporated
Assuming the 90 days trading horizon LOWES PANIES INC is expected to generate 0.3 times more return on investment than Teleflex Incorporated. However, LOWES PANIES INC is 3.35 times less risky than Teleflex Incorporated. It trades about -0.11 of its potential returns per unit of risk. Teleflex Incorporated is currently generating about -0.18 per unit of risk. If you would invest 8,924 in LOWES PANIES INC on September 14, 2024 and sell it today you would lose (90.00) from holding LOWES PANIES INC or give up 1.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
LOWES PANIES INC vs. Teleflex Incorporated
Performance |
| Timeline |
| LOWES PANIES INC |
| Teleflex Incorporated |
LOWES and Teleflex Incorporated Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with LOWES and Teleflex Incorporated
The main advantage of trading using opposite LOWES and Teleflex Incorporated positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LOWES position performs unexpectedly, Teleflex Incorporated 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 Teleflex Incorporated will offset losses from the drop in Teleflex Incorporated's long position.| LOWES vs. Simon Property Group | LOWES vs. Royalty Management Holding | LOWES vs. Coupang LLC | LOWES vs. Waste Management |
| Teleflex Incorporated vs. Avita Medical | Teleflex Incorporated vs. Sight Sciences | Teleflex Incorporated vs. Treace Medical Concepts | Teleflex Incorporated vs. Neuropace |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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