Correlation Between Tegna and CuriosityStream
Can any of the company-specific risk be diversified away by investing in both Tegna and CuriosityStream 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 Tegna and CuriosityStream into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tegna Inc and CuriosityStream, you can compare the effects of market volatilities on Tegna and CuriosityStream 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 CuriosityStream. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tegna and CuriosityStream.
Diversification Opportunities for Tegna and CuriosityStream
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Tegna and CuriosityStream is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Tegna Inc and CuriosityStream in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CuriosityStream 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 are associated (or correlated) with CuriosityStream. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CuriosityStream has no effect on the direction of Tegna i.e., Tegna and CuriosityStream go up and down completely randomly.
Pair Corralation between Tegna and CuriosityStream
Given the investment horizon of 90 days Tegna Inc is expected to generate 0.25 times more return on investment than CuriosityStream. However, Tegna Inc is 4.03 times less risky than CuriosityStream. It trades about 0.1 of its potential returns per unit of risk. CuriosityStream is currently generating about -0.03 per unit of risk. If you would invest 1,676 in Tegna Inc on June 11, 2025 and sell it today you would earn a total of 421.00 from holding Tegna Inc or generate 25.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 93.44% |
| Values | Daily Returns |
Tegna Inc vs. CuriosityStream
Performance |
| Timeline |
| Tegna Inc |
| CuriosityStream |
Tegna and CuriosityStream Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tegna and CuriosityStream
The main advantage of trading using opposite Tegna and CuriosityStream positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tegna position performs unexpectedly, CuriosityStream 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 CuriosityStream will offset losses from the drop in CuriosityStream's long position.| Tegna vs. Gray Television | Tegna vs. E W Scripps | Tegna vs. Saga Communications | Tegna vs. iHeartMedia Class A |
| CuriosityStream vs. Mediaco Holding | CuriosityStream vs. Curiositystream | CuriosityStream vs. Gray Television | CuriosityStream vs. Fubotv Inc |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Global Correlations Find global opportunities by holding instruments from different markets |