Correlation Between Corus Entertainment and Saia
Can any of the company-specific risk be diversified away by investing in both Corus Entertainment and Saia 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 Corus Entertainment and Saia into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Corus Entertainment and Saia Inc, you can compare the effects of market volatilities on Corus Entertainment and Saia 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 Corus Entertainment with a short position of Saia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Corus Entertainment and Saia.
Diversification Opportunities for Corus Entertainment and Saia
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Corus and Saia is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Corus Entertainment and Saia Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saia Inc and Corus Entertainment 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 Corus Entertainment are associated (or correlated) with Saia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saia Inc has no effect on the direction of Corus Entertainment i.e., Corus Entertainment and Saia go up and down completely randomly.
Pair Corralation between Corus Entertainment and Saia
If you would invest 38,999 in Saia Inc on September 5, 2024 and sell it today you would earn a total of 15,798 from holding Saia Inc or generate 40.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 1.18% |
| Values | Daily Returns |
Corus Entertainment vs. Saia Inc
Performance |
| Timeline |
| Corus Entertainment |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Saia Inc |
Corus Entertainment and Saia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Corus Entertainment and Saia
The main advantage of trading using opposite Corus Entertainment and Saia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Corus Entertainment position performs unexpectedly, Saia 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 Saia will offset losses from the drop in Saia's long position.| Corus Entertainment vs. Saia Inc | Corus Entertainment vs. Sensient Technologies | Corus Entertainment vs. Apogee Enterprises | Corus Entertainment vs. Hooker Furniture |
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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