Correlation Between Akanda Corp and CI Financial
Can any of the company-specific risk be diversified away by investing in both Akanda Corp and CI Financial 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 Akanda Corp and CI Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Akanda Corp and CI Financial Corp, you can compare the effects of market volatilities on Akanda Corp and CI Financial 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 Akanda Corp with a short position of CI Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akanda Corp and CI Financial.
Diversification Opportunities for Akanda Corp and CI Financial
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Akanda and CIXXF is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Akanda Corp and CI Financial Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Financial Corp and Akanda Corp 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 Akanda Corp are associated (or correlated) with CI Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Financial Corp has no effect on the direction of Akanda Corp i.e., Akanda Corp and CI Financial go up and down completely randomly.
Pair Corralation between Akanda Corp and CI Financial
If you would invest 1,212 in CI Financial Corp on September 14, 2024 and sell it today you would earn a total of 0.00 from holding CI Financial Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 0.37% |
| Values | Daily Returns |
Akanda Corp vs. CI Financial Corp
Performance |
| Timeline |
| Akanda Corp |
| CI Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Akanda Corp and CI Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akanda Corp and CI Financial
The main advantage of trading using opposite Akanda Corp and CI Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akanda Corp position performs unexpectedly, CI Financial 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 CI Financial will offset losses from the drop in CI Financial's long position.| Akanda Corp vs. Puma Biotechnology | Akanda Corp vs. Iovance Biotherapeutics | Akanda Corp vs. Day One Biopharmaceuticals | Akanda Corp vs. Inozyme Pharma |
| CI Financial vs. Akanda Corp | CI Financial vs. Summit Hotel Properties | CI Financial vs. Sonida Senior Living | CI Financial vs. Ark Restaurants Corp |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |