Correlation Between TMTG and Qtum
Can any of the company-specific risk be diversified away by investing in both TMTG and Qtum 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 TMTG and Qtum into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TMTG and Qtum, you can compare the effects of market volatilities on TMTG and Qtum 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 TMTG with a short position of Qtum. Check out your portfolio center. Please also check ongoing floating volatility patterns of TMTG and Qtum.
Diversification Opportunities for TMTG and Qtum
Pay attention - limited upside
The 3 months correlation between TMTG and Qtum is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TMTG and Qtum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qtum and TMTG 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 TMTG are associated (or correlated) with Qtum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qtum has no effect on the direction of TMTG i.e., TMTG and Qtum go up and down completely randomly.
Pair Corralation between TMTG and Qtum
If you would invest 267.00 in Qtum on January 25, 2024 and sell it today you would earn a total of 136.00 from holding Qtum or generate 50.94% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 29.91% |
Values | Daily Returns |
TMTG vs. Qtum
Performance |
Timeline |
TMTG |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Qtum |
TMTG and Qtum Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with TMTG and Qtum
The main advantage of trading using opposite TMTG and Qtum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TMTG position performs unexpectedly, Qtum 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 Qtum will offset losses from the drop in Qtum's long position.The idea behind TMTG and Qtum 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.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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
Global Correlations Find global opportunities by holding instruments from different markets | |
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |