Correlation Between CNJ Capital and Canaf Investments
Can any of the company-specific risk be diversified away by investing in both CNJ Capital and Canaf Investments 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 CNJ Capital and Canaf Investments into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CNJ Capital Investments and Canaf Investments, you can compare the effects of market volatilities on CNJ Capital and Canaf Investments 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 CNJ Capital with a short position of Canaf Investments. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNJ Capital and Canaf Investments.
Diversification Opportunities for CNJ Capital and Canaf Investments
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CNJ and Canaf is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CNJ Capital Investments and Canaf Investments in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canaf Investments and CNJ Capital 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 CNJ Capital Investments are associated (or correlated) with Canaf Investments. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canaf Investments has no effect on the direction of CNJ Capital i.e., CNJ Capital and Canaf Investments go up and down completely randomly.
Pair Corralation between CNJ Capital and Canaf Investments
If you would invest 30.00 in Canaf Investments on August 25, 2024 and sell it today you would earn a total of 0.00 from holding Canaf Investments or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNJ Capital Investments vs. Canaf Investments
Performance |
| Timeline |
| CNJ Capital Investments |
| Canaf Investments |
CNJ Capital and Canaf Investments Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNJ Capital and Canaf Investments
The main advantage of trading using opposite CNJ Capital and Canaf Investments positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNJ Capital position performs unexpectedly, Canaf Investments 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 Canaf Investments will offset losses from the drop in Canaf Investments' long position.| CNJ Capital vs. NVIDIA CDR | CNJ Capital vs. Apple Inc CDR | CNJ Capital vs. Microsoft Corp CDR | CNJ Capital vs. Amazon CDR |
| Canaf Investments vs. First Majestic Silver | Canaf Investments vs. Ivanhoe Energy | Canaf Investments vs. Orezone Gold Corp | Canaf Investments vs. Faraday Copper 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |