Correlation Between Teleflex Incorporated and SpareBank

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Can any of the company-specific risk be diversified away by investing in both Teleflex Incorporated and SpareBank 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 Teleflex Incorporated and SpareBank into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Teleflex Incorporated and SpareBank 1 SR Bank, you can compare the effects of market volatilities on Teleflex Incorporated and SpareBank 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 Teleflex Incorporated with a short position of SpareBank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Teleflex Incorporated and SpareBank.

Diversification Opportunities for Teleflex Incorporated and SpareBank

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Teleflex and SpareBank is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Teleflex Incorporated and SpareBank 1 SR Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SpareBank 1 SR and Teleflex Incorporated 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 Teleflex Incorporated are associated (or correlated) with SpareBank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SpareBank 1 SR has no effect on the direction of Teleflex Incorporated i.e., Teleflex Incorporated and SpareBank go up and down completely randomly.

Pair Corralation between Teleflex Incorporated and SpareBank

If you would invest  1,465  in SpareBank 1 SR Bank on October 9, 2024 and sell it today you would earn a total of  0.00  from holding SpareBank 1 SR Bank or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy97.5%
ValuesDaily Returns

Teleflex Incorporated  vs.  SpareBank 1 SR Bank

 Performance 
       Timeline  
Teleflex Incorporated 

Risk-Adjusted Performance

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Over the last 90 days Teleflex Incorporated has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of uncertain performance in the last few months, the Stock's technical and fundamental indicators remain fairly strong which may send shares a bit higher in February 2025. The current disturbance may also be a sign of long term up-swing for the company investors.
SpareBank 1 SR 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days SpareBank 1 SR Bank has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable forward-looking signals, SpareBank is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Teleflex Incorporated and SpareBank Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Teleflex Incorporated and SpareBank

The main advantage of trading using opposite Teleflex Incorporated and SpareBank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Teleflex Incorporated position performs unexpectedly, SpareBank 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 SpareBank will offset losses from the drop in SpareBank's long position.
The idea behind Teleflex Incorporated and SpareBank 1 SR Bank pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.

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