Correlation Between Table Trac and Scientific Industries

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

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

Diversification Opportunities for Table Trac and Scientific Industries

-0.4

Correlation Coefficient

Table Trac  Scientific Industries

Very good diversification

The 3 months correlation between Table and Scientific is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Table Trac and Scientific Industries in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Scientific Industries and Table Trac 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 Table Trac are associated (or correlated) with Scientific Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Scientific Industries has no effect on the direction of Table Trac i.e., Table Trac and Scientific Industries go up and down completely randomly.

Pair Corralation between Table Trac and Scientific Industries

Given the investment horizon of 90 days Table Trac is expected to under-perform the Scientific Industries. But the otc stock apears to be less risky and, when comparing its historical volatility, Table Trac is 3.03 times less risky than Scientific Industries. The otc stock trades about -0.07 of its potential returns per unit of risk. The Scientific Industries is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest  64.00  in Scientific Industries on July 21, 2025 and sell it today you would earn a total of  5.00  from holding Scientific Industries or generate 7.81% return on investment over 90 days.

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

Table Trac  vs.  Scientific Industries

Table Trac

Risk-Adjusted Performance

Weakest

Over the last 90 days Table Trac has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fragile performance in the last few months, the Stock's basic indicators remain rather sound which may send shares a bit higher in November 2025. The latest tumult may also be a sign of longer-term up-swing for the firm shareholders.

Scientific Industries

Risk-Adjusted Performance

Soft

Compared to the overall equity markets, risk-adjusted returns on investments in Scientific Industries are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. In spite of rather unsteady basic indicators, Scientific Industries exhibited solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Table Trac and Scientific Industries

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

The idea behind Table Trac and Scientific Industries 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.