Correlation Between TNL Mediagene and ZW Data
Can any of the company-specific risk be diversified away by investing in both TNL Mediagene and ZW Data 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 TNL Mediagene and ZW Data into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TNL Mediagene Ordinary and ZW Data Action, you can compare the effects of market volatilities on TNL Mediagene and ZW Data 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 TNL Mediagene with a short position of ZW Data. Check out your portfolio center. Please also check ongoing floating volatility patterns of TNL Mediagene and ZW Data.
Diversification Opportunities for TNL Mediagene and ZW Data
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between TNL and CNET is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding TNL Mediagene Ordinary and ZW Data Action in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ZW Data Action and TNL Mediagene 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 TNL Mediagene Ordinary are associated (or correlated) with ZW Data. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ZW Data Action has no effect on the direction of TNL Mediagene i.e., TNL Mediagene and ZW Data go up and down completely randomly.
Pair Corralation between TNL Mediagene and ZW Data
Given the investment horizon of 90 days TNL Mediagene Ordinary is expected to generate 2.74 times more return on investment than ZW Data. However, TNL Mediagene is 2.74 times more volatile than ZW Data Action. It trades about 0.1 of its potential returns per unit of risk. ZW Data Action is currently generating about 0.06 per unit of risk. If you would invest 29.00 in TNL Mediagene Ordinary on April 21, 2025 and sell it today you would earn a total of 15.00 from holding TNL Mediagene Ordinary or generate 51.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
TNL Mediagene Ordinary vs. ZW Data Action
Performance |
| Timeline |
| TNL Mediagene Ordinary |
| ZW Data Action |
TNL Mediagene and ZW Data Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TNL Mediagene and ZW Data
The main advantage of trading using opposite TNL Mediagene and ZW Data positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TNL Mediagene position performs unexpectedly, ZW Data 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 ZW Data will offset losses from the drop in ZW Data's long position.| TNL Mediagene vs. Exchange Bankshares | TNL Mediagene vs. JBG SMITH Properties | TNL Mediagene vs. Dream Office Real | TNL Mediagene vs. Mativ Holdings |
| ZW Data vs. Baosheng Media Group | ZW Data vs. Lendway | ZW Data vs. Abits Group | ZW Data vs. Impact Fusion 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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