Correlation Between Canaccord Genuity and Brookfield Off
Can any of the company-specific risk be diversified away by investing in both Canaccord Genuity and Brookfield Off 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 Canaccord Genuity and Brookfield Off into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Canaccord Genuity Group and Brookfield Off Prop, you can compare the effects of market volatilities on Canaccord Genuity and Brookfield Off 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 Canaccord Genuity with a short position of Brookfield Off. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canaccord Genuity and Brookfield Off.
Diversification Opportunities for Canaccord Genuity and Brookfield Off
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Canaccord and Brookfield is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Canaccord Genuity Group and Brookfield Off Prop in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Brookfield Off Prop and Canaccord Genuity 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 Canaccord Genuity Group are associated (or correlated) with Brookfield Off. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Brookfield Off Prop has no effect on the direction of Canaccord Genuity i.e., Canaccord Genuity and Brookfield Off go up and down completely randomly.
Pair Corralation between Canaccord Genuity and Brookfield Off
Assuming the 90 days horizon Canaccord Genuity Group is expected to under-perform the Brookfield Off. In addition to that, Canaccord Genuity is 1.48 times more volatile than Brookfield Off Prop. It trades about -0.08 of its total potential returns per unit of risk. Brookfield Off Prop is currently generating about 0.19 per unit of volatility. If you would invest 1,638 in Brookfield Off Prop on October 11, 2024 and sell it today you would earn a total of 117.00 from holding Brookfield Off Prop or generate 7.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Canaccord Genuity Group vs. Brookfield Off Prop
Performance |
| Timeline |
| Canaccord Genuity |
| Brookfield Off Prop |
Canaccord Genuity and Brookfield Off Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canaccord Genuity and Brookfield Off
The main advantage of trading using opposite Canaccord Genuity and Brookfield Off positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canaccord Genuity position performs unexpectedly, Brookfield Off 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 Brookfield Off will offset losses from the drop in Brookfield Off's long position.| Canaccord Genuity vs. CI Financial Corp | Canaccord Genuity vs. ECN Capital Corp | Canaccord Genuity vs. Element Fleet Management | Canaccord Genuity vs. Martinrea International |
| Brookfield Off vs. Brookfield Offi Pro | Brookfield Off vs. Brookfield Office Properties | Brookfield Off vs. Brookfield Office Cl | Brookfield Off vs. Brookfield Offi Pro |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |