Correlation Between Intel and TENK Old
Can any of the company-specific risk be diversified away by investing in both Intel and TENK Old 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 Intel and TENK Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intel and TENK Old, you can compare the effects of market volatilities on Intel and TENK Old 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 Intel with a short position of TENK Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and TENK Old.
Diversification Opportunities for Intel and TENK Old
Very good diversification
The 3 months correlation between Intel and TENK is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Intel and TENK Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TENK Old and Intel 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 Intel are associated (or correlated) with TENK Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TENK Old has no effect on the direction of Intel i.e., Intel and TENK Old go up and down completely randomly.
Pair Corralation between Intel and TENK Old
Given the investment horizon of 90 days Intel is expected to under-perform the TENK Old. But the stock apears to be less risky and, when comparing its historical volatility, Intel is 3.86 times less risky than TENK Old. The stock trades about 0.0 of its potential returns per unit of risk. The TENK Old is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 1,027 in TENK Old on October 10, 2024 and sell it today you would lose (707.00) from holding TENK Old or give up 68.84% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 78.86% |
Values | Daily Returns |
Intel vs. TENK Old
Performance |
Timeline |
Intel |
TENK Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Intel and TENK Old Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Intel and TENK Old
The main advantage of trading using opposite Intel and TENK Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, TENK Old 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 TENK Old will offset losses from the drop in TENK Old's long position.Intel vs. NVIDIA | Intel vs. Taiwan Semiconductor Manufacturing | Intel vs. Marvell Technology Group | Intel vs. Micron Technology |
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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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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