Correlation Between TRANSCANADA and Travelers Companies
Specify exactly 2 symbols:
By analyzing existing cross correlation between TRANSCANADA PIPELINES LTD and The Travelers Companies, you can compare the effects of market volatilities on TRANSCANADA and Travelers Companies 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 TRANSCANADA with a short position of Travelers Companies. Check out your portfolio center. Please also check ongoing floating volatility patterns of TRANSCANADA and Travelers Companies.
Diversification Opportunities for TRANSCANADA and Travelers Companies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TRANSCANADA and Travelers is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TRANSCANADA PIPELINES LTD and The Travelers Companies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on The Travelers Companies and TRANSCANADA 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 TRANSCANADA PIPELINES LTD are associated (or correlated) with Travelers Companies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of The Travelers Companies has no effect on the direction of TRANSCANADA i.e., TRANSCANADA and Travelers Companies go up and down completely randomly.
Pair Corralation between TRANSCANADA and Travelers Companies
If you would invest 24,281 in The Travelers Companies on September 4, 2024 and sell it today you would earn a total of 2,070 from holding The Travelers Companies or generate 8.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
TRANSCANADA PIPELINES LTD vs. The Travelers Companies
Performance |
| Timeline |
| TRANSCANADA PIPELINES LTD |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| The Travelers Companies |
TRANSCANADA and Travelers Companies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TRANSCANADA and Travelers Companies
The main advantage of trading using opposite TRANSCANADA and Travelers Companies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TRANSCANADA position performs unexpectedly, Travelers Companies 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 Travelers Companies will offset losses from the drop in Travelers Companies' long position.| TRANSCANADA vs. Allient | TRANSCANADA vs. Sun Life Financial | TRANSCANADA vs. Assurant | TRANSCANADA vs. Valneva SE ADR |
| Travelers Companies vs. Progressive Corp | Travelers Companies vs. Cincinnati Financial | Travelers Companies vs. W R Berkley | Travelers Companies vs. The Allstate |
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.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Stocks Directory Find actively traded stocks across global markets |