Correlation Between Ark Restaurants and CI Financial
Can any of the company-specific risk be diversified away by investing in both Ark Restaurants 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 Ark Restaurants and CI Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ark Restaurants Corp and CI Financial Corp, you can compare the effects of market volatilities on Ark Restaurants 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 Ark Restaurants with a short position of CI Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ark Restaurants and CI Financial.
Diversification Opportunities for Ark Restaurants and CI Financial
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Ark and CIXXF is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Ark Restaurants 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 Ark Restaurants 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 Ark Restaurants 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 Ark Restaurants i.e., Ark Restaurants and CI Financial go up and down completely randomly.
Pair Corralation between Ark Restaurants and CI Financial
If you would invest 1,038 in Ark Restaurants Corp on September 14, 2024 and sell it today you would earn a total of 247.00 from holding Ark Restaurants Corp or generate 23.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Ark Restaurants Corp vs. CI Financial Corp
Performance |
| Timeline |
| Ark Restaurants Corp |
| CI Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ark Restaurants and CI Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ark Restaurants and CI Financial
The main advantage of trading using opposite Ark Restaurants and CI Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ark Restaurants 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.| Ark Restaurants vs. Nathans Famous | Ark Restaurants vs. Flanigans Enterprises | Ark Restaurants vs. Good Times Restaurants | Ark Restaurants vs. Auburn National Bancorporation |
| 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |