Correlation Between AS Tallink and NYSE Composite
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By analyzing existing cross correlation between AS Tallink Grupp and NYSE Composite, you can compare the effects of market volatilities on AS Tallink and NYSE Composite 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 AS Tallink with a short position of NYSE Composite. Check out your portfolio center. Please also check ongoing floating volatility patterns of AS Tallink and NYSE Composite.
Diversification Opportunities for AS Tallink and NYSE Composite
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between TALLINK and NYSE is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding AS Tallink Grupp and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and AS Tallink 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 AS Tallink Grupp are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of AS Tallink i.e., AS Tallink and NYSE Composite go up and down completely randomly.
Pair Corralation between AS Tallink and NYSE Composite
Assuming the 90 days trading horizon AS Tallink Grupp is expected to generate 2.1 times more return on investment than NYSE Composite. However, AS Tallink is 2.1 times more volatile than NYSE Composite. It trades about 0.14 of its potential returns per unit of risk. NYSE Composite is currently generating about -0.01 per unit of risk. If you would invest 68.00 in AS Tallink Grupp on February 2, 2024 and sell it today you would earn a total of 5.00 from holding AS Tallink Grupp or generate 7.35% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 95.35% |
Values | Daily Returns |
AS Tallink Grupp vs. NYSE Composite
Performance |
Timeline |
AS Tallink and NYSE Composite Volatility Contrast
Predicted Return Density |
Returns |
AS Tallink Grupp
Pair trading matchups for AS Tallink
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with AS Tallink and NYSE Composite
The main advantage of trading using opposite AS Tallink and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AS Tallink position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.AS Tallink vs. Viking Line Abp | AS Tallink vs. Finnair Oyj | AS Tallink vs. Outokumpu Oyj | AS Tallink vs. Tokmanni Group Oyj |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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