Correlation Between CANASIL RESOURCES and GEELY AUTOMOBILE
Can any of the company-specific risk be diversified away by investing in both CANASIL RESOURCES and GEELY AUTOMOBILE 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 CANASIL RESOURCES and GEELY AUTOMOBILE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CANASIL RESOURCES and GEELY AUTOMOBILE, you can compare the effects of market volatilities on CANASIL RESOURCES and GEELY AUTOMOBILE 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 CANASIL RESOURCES with a short position of GEELY AUTOMOBILE. Check out your portfolio center. Please also check ongoing floating volatility patterns of CANASIL RESOURCES and GEELY AUTOMOBILE.
Diversification Opportunities for CANASIL RESOURCES and GEELY AUTOMOBILE
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CANASIL and GEELY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CANASIL RESOURCES and GEELY AUTOMOBILE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GEELY AUTOMOBILE and CANASIL RESOURCES 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 CANASIL RESOURCES are associated (or correlated) with GEELY AUTOMOBILE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GEELY AUTOMOBILE has no effect on the direction of CANASIL RESOURCES i.e., CANASIL RESOURCES and GEELY AUTOMOBILE go up and down completely randomly.
Pair Corralation between CANASIL RESOURCES and GEELY AUTOMOBILE
If you would invest 77.00 in GEELY AUTOMOBILE on September 3, 2024 and sell it today you would earn a total of 91.00 from holding GEELY AUTOMOBILE or generate 118.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.57% |
| Values | Daily Returns |
CANASIL RESOURCES vs. GEELY AUTOMOBILE
Performance |
| Timeline |
| CANASIL RESOURCES |
| GEELY AUTOMOBILE |
CANASIL RESOURCES and GEELY AUTOMOBILE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CANASIL RESOURCES and GEELY AUTOMOBILE
The main advantage of trading using opposite CANASIL RESOURCES and GEELY AUTOMOBILE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CANASIL RESOURCES position performs unexpectedly, GEELY AUTOMOBILE 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 GEELY AUTOMOBILE will offset losses from the drop in GEELY AUTOMOBILE's long position.| CANASIL RESOURCES vs. HK Electric Investments | CANASIL RESOURCES vs. Apollo Investment Corp | CANASIL RESOURCES vs. KINGBOARD CHEMICAL | CANASIL RESOURCES vs. Sekisui Chemical Co |
| GEELY AUTOMOBILE vs. TOTAL GABON | GEELY AUTOMOBILE vs. Walgreens Boots Alliance | GEELY AUTOMOBILE vs. Banco Santander SA | GEELY AUTOMOBILE vs. Peak Resources Limited |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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