Correlation Between TELES Informationstech and NURAN WIRELESS
Specify exactly 2 symbols:
By analyzing existing cross correlation between TELES Informationstechnologien AG and NURAN WIRELESS INC, you can compare the effects of market volatilities on TELES Informationstech and NURAN WIRELESS 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 TELES Informationstech with a short position of NURAN WIRELESS. Check out your portfolio center. Please also check ongoing floating volatility patterns of TELES Informationstech and NURAN WIRELESS.
Diversification Opportunities for TELES Informationstech and NURAN WIRELESS
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between TELES and NURAN is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding TELES Informationstechnologien and NURAN WIRELESS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NURAN WIRELESS INC and TELES Informationstech 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 TELES Informationstechnologien AG are associated (or correlated) with NURAN WIRELESS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NURAN WIRELESS INC has no effect on the direction of TELES Informationstech i.e., TELES Informationstech and NURAN WIRELESS go up and down completely randomly.
Pair Corralation between TELES Informationstech and NURAN WIRELESS
Assuming the 90 days trading horizon TELES Informationstechnologien AG is expected to under-perform the NURAN WIRELESS. But the stock apears to be less risky and, when comparing its historical volatility, TELES Informationstechnologien AG is 1.14 times less risky than NURAN WIRELESS. The stock trades about -0.14 of its potential returns per unit of risk. The NURAN WIRELESS INC is currently generating about -0.11 of returns per unit of risk over similar time horizon. If you would invest 6.16 in NURAN WIRELESS INC on September 24, 2024 and sell it today you would lose (1.60) from holding NURAN WIRELESS INC or give up 25.97% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
TELES Informationstechnologien vs. NURAN WIRELESS INC
Performance |
Timeline |
TELES Informationstech |
NURAN WIRELESS INC |
TELES Informationstech and NURAN WIRELESS Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with TELES Informationstech and NURAN WIRELESS
The main advantage of trading using opposite TELES Informationstech and NURAN WIRELESS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TELES Informationstech position performs unexpectedly, NURAN WIRELESS 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 NURAN WIRELESS will offset losses from the drop in NURAN WIRELESS's long position.TELES Informationstech vs. Cisco Systems | TELES Informationstech vs. Cisco Systems | TELES Informationstech vs. Motorola Solutions | TELES Informationstech vs. Nokia |
NURAN WIRELESS vs. MCEWEN MINING INC | NURAN WIRELESS vs. Align Technology | NURAN WIRELESS vs. X FAB Silicon Foundries | NURAN WIRELESS vs. Amkor Technology |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
Stocks Directory Find actively traded stocks across global markets | |
Money Managers Screen money managers from public funds and ETFs managed around the world | |
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |