Correlation Between Calian Technologies and Questor Technology
Can any of the company-specific risk be diversified away by investing in both Calian Technologies and Questor Technology 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 Calian Technologies and Questor Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calian Technologies and Questor Technology, you can compare the effects of market volatilities on Calian Technologies and Questor Technology 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 Calian Technologies with a short position of Questor Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calian Technologies and Questor Technology.
Diversification Opportunities for Calian Technologies and Questor Technology
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Calian and Questor is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Calian Technologies and Questor Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Questor Technology and Calian Technologies 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 Calian Technologies are associated (or correlated) with Questor Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Questor Technology has no effect on the direction of Calian Technologies i.e., Calian Technologies and Questor Technology go up and down completely randomly.
Pair Corralation between Calian Technologies and Questor Technology
Assuming the 90 days trading horizon Calian Technologies is expected to under-perform the Questor Technology. But the stock apears to be less risky and, when comparing its historical volatility, Calian Technologies is 2.38 times less risky than Questor Technology. The stock trades about -0.13 of its potential returns per unit of risk. The Questor Technology is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 31.00 in Questor Technology on September 15, 2024 and sell it today you would earn a total of 5.00 from holding Questor Technology or generate 16.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calian Technologies vs. Questor Technology
Performance |
| Timeline |
| Calian Technologies |
| Questor Technology |
Calian Technologies and Questor Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calian Technologies and Questor Technology
The main advantage of trading using opposite Calian Technologies and Questor Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calian Technologies position performs unexpectedly, Questor Technology 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 Questor Technology will offset losses from the drop in Questor Technology's long position.| Calian Technologies vs. Flow Beverage Corp | Calian Technologies vs. iShares Canadian HYBrid | Calian Technologies vs. Altagas Cum Red | Calian Technologies vs. European Residential Real |
| Questor Technology vs. Firan Technology Group | Questor Technology vs. iShares Canadian HYBrid | Questor Technology vs. Altagas Cum Red | Questor Technology vs. European Residential Real |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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