Correlation Between Akanda Corp and 36158FAD2

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Can any of the company-specific risk be diversified away by investing in both Akanda Corp and 36158FAD2 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 36158FAD2 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Akanda Corp and GE GLOBAL INS, you can compare the effects of market volatilities on Akanda Corp and 36158FAD2 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 36158FAD2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akanda Corp and 36158FAD2.

Diversification Opportunities for Akanda Corp and 36158FAD2

-0.56
  Correlation Coefficient

Excellent diversification

The 3 months correlation between Akanda and 36158FAD2 is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Akanda Corp and GE GLOBAL INS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GE GLOBAL INS 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 36158FAD2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GE GLOBAL INS has no effect on the direction of Akanda Corp i.e., Akanda Corp and 36158FAD2 go up and down completely randomly.

Pair Corralation between Akanda Corp and 36158FAD2

Given the investment horizon of 90 days Akanda Corp is expected to generate 2.71 times more return on investment than 36158FAD2. However, Akanda Corp is 2.71 times more volatile than GE GLOBAL INS. It trades about -0.1 of its potential returns per unit of risk. GE GLOBAL INS is currently generating about -0.31 per unit of risk. If you would invest  232.00  in Akanda Corp on September 12, 2024 and sell it today you would lose (76.00) from holding Akanda Corp or give up 32.76% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy15.63%
ValuesDaily Returns

Akanda Corp  vs.  GE GLOBAL INS

 Performance 
       Timeline  
Akanda Corp 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Akanda Corp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Stock's basic indicators remain very healthy which may send shares a bit higher in January 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.
GE GLOBAL INS 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days GE GLOBAL INS has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Bond's basic indicators remain somewhat strong which may send shares a bit higher in January 2025. The current disturbance may also be a sign of long term up-swing for GE GLOBAL INS investors.

Akanda Corp and 36158FAD2 Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Akanda Corp and 36158FAD2

The main advantage of trading using opposite Akanda Corp and 36158FAD2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akanda Corp position performs unexpectedly, 36158FAD2 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 36158FAD2 will offset losses from the drop in 36158FAD2's long position.
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The idea behind Akanda Corp and GE GLOBAL INS 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.

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