Correlation Between INDUSTRIAL MEDICAL and TRANS NATIONWIDE
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By analyzing existing cross correlation between INDUSTRIAL MEDICAL GASES and TRANS NATIONWIDE EXPRESS PLC, you can compare the effects of market volatilities on INDUSTRIAL MEDICAL and TRANS NATIONWIDE 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 INDUSTRIAL MEDICAL with a short position of TRANS NATIONWIDE. Check out your portfolio center. Please also check ongoing floating volatility patterns of INDUSTRIAL MEDICAL and TRANS NATIONWIDE.
Diversification Opportunities for INDUSTRIAL MEDICAL and TRANS NATIONWIDE
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between INDUSTRIAL and TRANS is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding INDUSTRIAL MEDICAL GASES and TRANS NATIONWIDE EXPRESS PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRANS NATIONWIDE EXP and INDUSTRIAL MEDICAL 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 INDUSTRIAL MEDICAL GASES are associated (or correlated) with TRANS NATIONWIDE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRANS NATIONWIDE EXP has no effect on the direction of INDUSTRIAL MEDICAL i.e., INDUSTRIAL MEDICAL and TRANS NATIONWIDE go up and down completely randomly.
Pair Corralation between INDUSTRIAL MEDICAL and TRANS NATIONWIDE
Assuming the 90 days trading horizon INDUSTRIAL MEDICAL GASES is expected to generate 13.52 times more return on investment than TRANS NATIONWIDE. However, INDUSTRIAL MEDICAL is 13.52 times more volatile than TRANS NATIONWIDE EXPRESS PLC. It trades about 0.06 of its potential returns per unit of risk. TRANS NATIONWIDE EXPRESS PLC is currently generating about -0.13 per unit of risk. If you would invest 3,365 in INDUSTRIAL MEDICAL GASES on June 2, 2025 and sell it today you would earn a total of 335.00 from holding INDUSTRIAL MEDICAL GASES or generate 9.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
INDUSTRIAL MEDICAL GASES vs. TRANS NATIONWIDE EXPRESS PLC
Performance |
| Timeline |
| INDUSTRIAL MEDICAL GASES |
| TRANS NATIONWIDE EXP |
INDUSTRIAL MEDICAL and TRANS NATIONWIDE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INDUSTRIAL MEDICAL and TRANS NATIONWIDE
The main advantage of trading using opposite INDUSTRIAL MEDICAL and TRANS NATIONWIDE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INDUSTRIAL MEDICAL position performs unexpectedly, TRANS NATIONWIDE 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 TRANS NATIONWIDE will offset losses from the drop in TRANS NATIONWIDE's long position.| INDUSTRIAL MEDICAL vs. UNITED BANK FOR | INDUSTRIAL MEDICAL vs. ZENITH BANK PLC | INDUSTRIAL MEDICAL vs. FIDSON HEALTHCARE PLC | INDUSTRIAL MEDICAL vs. AXAMANSARD INSURANCE PLC |
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