Correlation Between Akanda Corp and Jumbo SA
Can any of the company-specific risk be diversified away by investing in both Akanda Corp and Jumbo SA 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 Jumbo SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Akanda Corp and Jumbo SA, you can compare the effects of market volatilities on Akanda Corp and Jumbo SA 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 Jumbo SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akanda Corp and Jumbo SA.
Diversification Opportunities for Akanda Corp and Jumbo SA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Akanda and Jumbo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Akanda Corp and Jumbo SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jumbo SA 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 Jumbo SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jumbo SA has no effect on the direction of Akanda Corp i.e., Akanda Corp and Jumbo SA go up and down completely randomly.
Pair Corralation between Akanda Corp and Jumbo SA
If you would invest 154.00 in Akanda Corp on September 4, 2024 and sell it today you would earn a total of 36.00 from holding Akanda Corp or generate 23.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Akanda Corp vs. Jumbo SA
Performance |
| Timeline |
| Akanda Corp |
| Jumbo SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Akanda Corp and Jumbo SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akanda Corp and Jumbo SA
The main advantage of trading using opposite Akanda Corp and Jumbo SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akanda Corp position performs unexpectedly, Jumbo SA 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 Jumbo SA will offset losses from the drop in Jumbo SA's long position.| Akanda Corp vs. China SXT Pharmaceuticals | Akanda Corp vs. Petros Pharmaceuticals | Akanda Corp vs. GelStat Corp | Akanda Corp vs. Shuttle Pharmaceuticals |
| Jumbo SA vs. BBB Foods | Jumbo SA vs. AMCON Distributing | Jumbo SA vs. Japan Tobacco ADR | Jumbo SA vs. Turning Point Brands |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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