Correlation Between TBC Bank and Mycelx Technologies

Can any of the company-specific risk be diversified away by investing in both TBC Bank and Mycelx Technologies 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 TBC Bank and Mycelx Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between TBC Bank Group and Mycelx Technologies, you can compare the effects of market volatilities on TBC Bank and Mycelx Technologies 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 TBC Bank with a short position of Mycelx Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of TBC Bank and Mycelx Technologies.

Diversification Opportunities for TBC Bank and Mycelx Technologies

0.0

Correlation Coefficient

TBC Bank  Mycelx Technologies

Pay attention - limited upside

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

Pair Corralation between TBC Bank and Mycelx Technologies

If you would invest  396,411  in TBC Bank Group on April 10, 2025 and sell it today you would earn a total of  84,089  from holding TBC Bank Group or generate 21.21% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	96.77%
Values	Daily Returns

TBC Bank Group  vs.  Mycelx Technologies

TBC Bank Group

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in TBC Bank Group are ranked lower than 12 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively unsteady basic indicators, TBC Bank unveiled solid returns over the last few months and may actually be approaching a breakup point.

Mycelx Technologies

Risk-Adjusted Performance

Very Weak

Over the last 90 days Mycelx Technologies has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, Mycelx Technologies is not utilizing all of its potentials. The newest stock price uproar, may contribute to short-horizon losses for the private investors.

Pair Trading with TBC Bank and Mycelx Technologies

The main advantage of trading using opposite TBC Bank and Mycelx Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TBC Bank position performs unexpectedly, Mycelx Technologies 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 Mycelx Technologies will offset losses from the drop in Mycelx Technologies' long position.

The idea behind TBC Bank Group and Mycelx Technologies 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.