Correlation Between Capital Clean and Lindblad Expeditions
Can any of the company-specific risk be diversified away by investing in both Capital Clean and Lindblad Expeditions 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 Capital Clean and Lindblad Expeditions into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Capital Clean Energy and Lindblad Expeditions Holdings, you can compare the effects of market volatilities on Capital Clean and Lindblad Expeditions 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 Capital Clean with a short position of Lindblad Expeditions. Check out your portfolio center. Please also check ongoing floating volatility patterns of Capital Clean and Lindblad Expeditions.
Diversification Opportunities for Capital Clean and Lindblad Expeditions
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Capital and Lindblad is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Capital Clean Energy and Lindblad Expeditions Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lindblad Expeditions and Capital Clean 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 Capital Clean Energy are associated (or correlated) with Lindblad Expeditions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lindblad Expeditions has no effect on the direction of Capital Clean i.e., Capital Clean and Lindblad Expeditions go up and down completely randomly.
Pair Corralation between Capital Clean and Lindblad Expeditions
Given the investment horizon of 90 days Capital Clean Energy is expected to generate 0.48 times more return on investment than Lindblad Expeditions. However, Capital Clean Energy is 2.1 times less risky than Lindblad Expeditions. It trades about -0.05 of its potential returns per unit of risk. Lindblad Expeditions Holdings is currently generating about -0.06 per unit of risk. If you would invest 1,880 in Capital Clean Energy on October 26, 2024 and sell it today you would lose (66.00) from holding Capital Clean Energy or give up 3.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.5% |
| Values | Daily Returns |
Capital Clean Energy vs. Lindblad Expeditions Holdings
Performance |
| Timeline |
| Capital Clean Energy |
| Lindblad Expeditions |
Capital Clean and Lindblad Expeditions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Capital Clean and Lindblad Expeditions
The main advantage of trading using opposite Capital Clean and Lindblad Expeditions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Capital Clean position performs unexpectedly, Lindblad Expeditions 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 Lindblad Expeditions will offset losses from the drop in Lindblad Expeditions' long position.| Capital Clean vs. Lipocine | Capital Clean vs. Flutter Entertainment plc | Capital Clean vs. Cirmaker Technology | Capital Clean vs. Ubisoft Entertainment |
| Lindblad Expeditions vs. Yatra Online | Lindblad Expeditions vs. Despegar Corp | Lindblad Expeditions vs. MakeMyTrip Limited | Lindblad Expeditions vs. Tuniu 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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