Correlation Between Canadian General and TGS Esports
Can any of the company-specific risk be diversified away by investing in both Canadian General and TGS Esports 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 Canadian General and TGS Esports into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Canadian General Investments and TGS Esports, you can compare the effects of market volatilities on Canadian General and TGS Esports 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 Canadian General with a short position of TGS Esports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canadian General and TGS Esports.
Diversification Opportunities for Canadian General and TGS Esports
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Canadian and TGS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Canadian General Investments and TGS Esports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TGS Esports and Canadian General 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 Canadian General Investments are associated (or correlated) with TGS Esports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TGS Esports has no effect on the direction of Canadian General i.e., Canadian General and TGS Esports go up and down completely randomly.
Pair Corralation between Canadian General and TGS Esports
If you would invest 3,097 in Canadian General Investments on September 14, 2024 and sell it today you would earn a total of 1,033 from holding Canadian General Investments or generate 33.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Canadian General Investments vs. TGS Esports
Performance |
| Timeline |
| Canadian General Inv |
| TGS Esports |
Canadian General and TGS Esports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canadian General and TGS Esports
The main advantage of trading using opposite Canadian General and TGS Esports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canadian General position performs unexpectedly, TGS Esports 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 TGS Esports will offset losses from the drop in TGS Esports' long position.| Canadian General vs. Uniteds Limited | Canadian General vs. Economic Investment Trust | Canadian General vs. abrdn Asia Pacific | Canadian General vs. Clairvest Group |
| TGS Esports vs. Royal Helium | TGS Esports vs. Excelsior Mining Corp | TGS Esports vs. Vista Gold | TGS Esports vs. Intermap Technologies 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |