Correlation Between Benchmark Botanics and CuraScientific
Can any of the company-specific risk be diversified away by investing in both Benchmark Botanics and CuraScientific 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 Benchmark Botanics and CuraScientific into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Benchmark Botanics and CuraScientific, you can compare the effects of market volatilities on Benchmark Botanics and CuraScientific 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 Benchmark Botanics with a short position of CuraScientific. Check out your portfolio center. Please also check ongoing floating volatility patterns of Benchmark Botanics and CuraScientific.
Diversification Opportunities for Benchmark Botanics and CuraScientific
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Benchmark and CuraScientific is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Benchmark Botanics and CuraScientific in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CuraScientific and Benchmark Botanics 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 Benchmark Botanics are associated (or correlated) with CuraScientific. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CuraScientific has no effect on the direction of Benchmark Botanics i.e., Benchmark Botanics and CuraScientific go up and down completely randomly.
Pair Corralation between Benchmark Botanics and CuraScientific
If you would invest 1.19 in CuraScientific on August 29, 2024 and sell it today you would earn a total of 0.00 from holding CuraScientific or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Benchmark Botanics vs. CuraScientific
Performance |
| Timeline |
| Benchmark Botanics |
| CuraScientific |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Benchmark Botanics and CuraScientific Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Benchmark Botanics and CuraScientific
The main advantage of trading using opposite Benchmark Botanics and CuraScientific positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Benchmark Botanics position performs unexpectedly, CuraScientific 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 CuraScientific will offset losses from the drop in CuraScientific's long position.| Benchmark Botanics vs. Green Cures Botanical | Benchmark Botanics vs. Cann American Corp | Benchmark Botanics vs. Rimrock Gold Corp | Benchmark Botanics vs. Galexxy Holdings |
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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