Correlation Between TEGNA and 00108WAF7
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By analyzing existing cross correlation between TEGNA INC 5 and AEP TEX INC, you can compare the effects of market volatilities on TEGNA and 00108WAF7 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 TEGNA with a short position of 00108WAF7. Check out your portfolio center. Please also check ongoing floating volatility patterns of TEGNA and 00108WAF7.
Diversification Opportunities for TEGNA and 00108WAF7
Very good diversification
The 3 months correlation between TEGNA and 00108WAF7 is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding TEGNA INC 5 and AEP TEX INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AEP TEX INC and TEGNA 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 TEGNA INC 5 are associated (or correlated) with 00108WAF7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AEP TEX INC has no effect on the direction of TEGNA i.e., TEGNA and 00108WAF7 go up and down completely randomly.
Pair Corralation between TEGNA and 00108WAF7
Assuming the 90 days trading horizon TEGNA INC 5 is expected to under-perform the 00108WAF7. In addition to that, TEGNA is 1.97 times more volatile than AEP TEX INC. It trades about -0.12 of its total potential returns per unit of risk. AEP TEX INC is currently generating about 0.27 per unit of volatility. If you would invest 7,097 in AEP TEX INC on November 9, 2024 and sell it today you would earn a total of 301.00 from holding AEP TEX INC or generate 4.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 77.27% |
| Values | Daily Returns |
TEGNA INC 5 vs. AEP TEX INC
Performance |
| Timeline |
| TEGNA INC 5 |
| AEP TEX INC |
TEGNA and 00108WAF7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TEGNA and 00108WAF7
The main advantage of trading using opposite TEGNA and 00108WAF7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TEGNA position performs unexpectedly, 00108WAF7 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 00108WAF7 will offset losses from the drop in 00108WAF7's long position.| TEGNA vs. Levi Strauss Co | TEGNA vs. Dream Office Real | TEGNA vs. Toro Co | TEGNA vs. Franklin Wireless Corp |
| 00108WAF7 vs. BioNTech SE | 00108WAF7 vs. Molecular Partners AG | 00108WAF7 vs. Nuvalent | 00108WAF7 vs. Regeneron Pharmaceuticals |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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