Correlation Between Singapore Exchange and Trillium Therapeutics

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Singapore Exchange and Trillium Therapeutics 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 Singapore Exchange and Trillium Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Singapore Exchange and Trillium Therapeutics, you can compare the effects of market volatilities on Singapore Exchange and Trillium Therapeutics 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 Singapore Exchange with a short position of Trillium Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Singapore Exchange and Trillium Therapeutics.

Diversification Opportunities for Singapore Exchange and Trillium Therapeutics

0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between Singapore Exchange and Trillium Therapeutics

If you would invest (100.00) in Trillium Therapeutics on December 29, 2023 and sell it today you would earn a total of  100.00  from holding Trillium Therapeutics or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Singapore Exchange Ltd  vs.  Trillium Therapeutics

 Performance 
       Timeline  
Singapore Exchange 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days Singapore Exchange has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly strong fundamental indicators, Singapore Exchange is not utilizing all of its potentials. The recent stock price disturbance, may contribute to short-term losses for the investors.
Trillium Therapeutics 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days Trillium Therapeutics has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent forward indicators, Trillium Therapeutics is not utilizing all of its potentials. The latest stock price mess, may contribute to short-term losses for the institutional investors.

Singapore Exchange and Trillium Therapeutics Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Singapore Exchange and Trillium Therapeutics

The main advantage of trading using opposite Singapore Exchange and Trillium Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Singapore Exchange position performs unexpectedly, Trillium Therapeutics 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 Trillium Therapeutics will offset losses from the drop in Trillium Therapeutics' long position.
The idea behind Singapore Exchange and Trillium Therapeutics 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.

Other Complementary Tools

Options Analysis
Analyze and evaluate options and option chains as a potential hedge for your portfolios
My Watchlist Analysis
Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like
Bond Analysis
Evaluate and analyze corporate bonds as a potential investment for your portfolios.
Odds Of Bankruptcy
Get analysis of equity chance of financial distress in the next 2 years
Technical Analysis
Check basic technical indicators and analysis based on most latest market data
Portfolio Holdings
Check your current holdings and cash postion to detemine if your portfolio needs rebalancing
Pattern Recognition
Use different Pattern Recognition models to time the market across multiple global exchanges
Bollinger Bands
Use Bollinger Bands indicator to analyze target price for a given investing horizon
Performance Analysis
Check effects of mean-variance optimization against your current asset allocation