Correlation Between Akanda Corp and MARRIOTT
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By analyzing existing cross correlation between Akanda Corp and MARRIOTT INTERNATIONAL INC, you can compare the effects of market volatilities on Akanda Corp and MARRIOTT 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 MARRIOTT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Akanda Corp and MARRIOTT.
Diversification Opportunities for Akanda Corp and MARRIOTT
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Akanda and MARRIOTT is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Akanda Corp and MARRIOTT INTERNATIONAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MARRIOTT INTERNATIONAL 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 MARRIOTT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MARRIOTT INTERNATIONAL has no effect on the direction of Akanda Corp i.e., Akanda Corp and MARRIOTT go up and down completely randomly.
Pair Corralation between Akanda Corp and MARRIOTT
Given the investment horizon of 90 days Akanda Corp is expected to generate 48.54 times more return on investment than MARRIOTT. However, Akanda Corp is 48.54 times more volatile than MARRIOTT INTERNATIONAL INC. It trades about 0.17 of its potential returns per unit of risk. MARRIOTT INTERNATIONAL INC is currently generating about -0.08 per unit of risk. If you would invest 150.00 in Akanda Corp on September 2, 2024 and sell it today you would earn a total of 25.00 from holding Akanda Corp or generate 16.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Akanda Corp vs. MARRIOTT INTERNATIONAL INC
Performance |
| Timeline |
| Akanda Corp |
| MARRIOTT INTERNATIONAL |
Akanda Corp and MARRIOTT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Akanda Corp and MARRIOTT
The main advantage of trading using opposite Akanda Corp and MARRIOTT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Akanda Corp position performs unexpectedly, MARRIOTT 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 MARRIOTT will offset losses from the drop in MARRIOTT's long position.| Akanda Corp vs. China SXT Pharmaceuticals | Akanda Corp vs. Petros Pharmaceuticals | Akanda Corp vs. GelStat Corp | Akanda Corp vs. Shuttle Pharmaceuticals |
| MARRIOTT vs. SNDL Inc | MARRIOTT vs. Meiwu Technology Co | MARRIOTT vs. ATRenew Inc DRC | MARRIOTT vs. Compania Cervecerias Unidas |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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