Correlation Between YXTCOM GROUP and TTEC Holdings
Can any of the company-specific risk be diversified away by investing in both YXTCOM GROUP and TTEC Holdings 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 YXTCOM GROUP and TTEC Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between YXTCOM GROUP HOLDING and TTEC Holdings, you can compare the effects of market volatilities on YXTCOM GROUP and TTEC Holdings 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 YXTCOM GROUP with a short position of TTEC Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of YXTCOM GROUP and TTEC Holdings.
Diversification Opportunities for YXTCOM GROUP and TTEC Holdings
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between YXTCOM and TTEC is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding YXTCOM GROUP HOLDING and TTEC Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TTEC Holdings and YXTCOM GROUP 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 YXTCOM GROUP HOLDING are associated (or correlated) with TTEC Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TTEC Holdings has no effect on the direction of YXTCOM GROUP i.e., YXTCOM GROUP and TTEC Holdings go up and down completely randomly.
Pair Corralation between YXTCOM GROUP and TTEC Holdings
Considering the 90-day investment horizon YXTCOM GROUP HOLDING is expected to under-perform the TTEC Holdings. In addition to that, YXTCOM GROUP is 1.48 times more volatile than TTEC Holdings. It trades about -0.08 of its total potential returns per unit of risk. TTEC Holdings is currently generating about 0.04 per unit of volatility. If you would invest 506.00 in TTEC Holdings on August 28, 2024 and sell it today you would earn a total of 31.00 from holding TTEC Holdings or generate 6.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
YXTCOM GROUP HOLDING vs. TTEC Holdings
Performance |
| Timeline |
| YXTCOM GROUP HOLDING |
| TTEC Holdings |
YXTCOM GROUP and TTEC Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YXTCOM GROUP and TTEC Holdings
The main advantage of trading using opposite YXTCOM GROUP and TTEC Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YXTCOM GROUP position performs unexpectedly, TTEC Holdings 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 TTEC Holdings will offset losses from the drop in TTEC Holdings' long position.| YXTCOM GROUP vs. Oneconnect Financial Technology | YXTCOM GROUP vs. Global Business Travel | YXTCOM GROUP vs. Alight Inc | YXTCOM GROUP vs. CS Disco LLC |
| TTEC Holdings vs. ExlService Holdings | TTEC Holdings vs. Genpact Limited | TTEC Holdings vs. ASGN Inc | TTEC Holdings vs. Science Applications International |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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