Correlation Between CleanSpark and Teleflex Incorporated

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

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

Diversification Opportunities for CleanSpark and Teleflex Incorporated

-0.59

Correlation Coefficient

CleanSpark  Teleflex Incorporated

Excellent diversification

The 3 months correlation between CleanSpark and Teleflex is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding CleanSpark and Teleflex Incorporated in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Teleflex Incorporated and CleanSpark 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 CleanSpark are associated (or correlated) with Teleflex Incorporated. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Teleflex Incorporated has no effect on the direction of CleanSpark i.e., CleanSpark and Teleflex Incorporated go up and down completely randomly.

Pair Corralation between CleanSpark and Teleflex Incorporated

Given the investment horizon of 90 days CleanSpark is expected to generate 1.03 times less return on investment than Teleflex Incorporated. In addition to that, CleanSpark is 2.33 times more volatile than Teleflex Incorporated. It trades about 0.02 of its total potential returns per unit of risk. Teleflex Incorporated is currently generating about 0.05 per unit of volatility. If you would invest  12,262  in Teleflex Incorporated on May 24, 2025 and sell it today you would earn a total of  614.00  from holding Teleflex Incorporated or generate 5.01% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

CleanSpark  vs.  Teleflex Incorporated

CleanSpark

Risk-Adjusted Performance

Weakest

Compared to the overall equity markets, risk-adjusted returns on investments in CleanSpark are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. Despite quite persistent basic indicators, CleanSpark is not utilizing all of its potentials. The current stock price mess, may contribute to short-term losses for the institutional investors.

Teleflex Incorporated

Risk-Adjusted Performance

Soft

Compared to the overall equity markets, risk-adjusted returns on investments in Teleflex Incorporated are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. In spite of fairly strong technical and fundamental indicators, Teleflex Incorporated is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

Pair Trading with CleanSpark and Teleflex Incorporated

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

The idea behind CleanSpark and Teleflex Incorporated 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.