Correlation Between Canlan Ice and Entegris
Can any of the company-specific risk be diversified away by investing in both Canlan Ice and Entegris 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 Canlan Ice and Entegris into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Canlan Ice Sports and Entegris, you can compare the effects of market volatilities on Canlan Ice and Entegris 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 Canlan Ice with a short position of Entegris. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canlan Ice and Entegris.
Diversification Opportunities for Canlan Ice and Entegris
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Canlan and Entegris is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Canlan Ice Sports and Entegris in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Entegris and Canlan Ice 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 Canlan Ice Sports are associated (or correlated) with Entegris. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Entegris has no effect on the direction of Canlan Ice i.e., Canlan Ice and Entegris go up and down completely randomly.
Pair Corralation between Canlan Ice and Entegris
If you would invest 10,491 in Entegris on August 26, 2024 and sell it today you would earn a total of 233.00 from holding Entegris or generate 2.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Canlan Ice Sports vs. Entegris
Performance |
| Timeline |
| Canlan Ice Sports |
| Entegris |
Canlan Ice and Entegris Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canlan Ice and Entegris
The main advantage of trading using opposite Canlan Ice and Entegris positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canlan Ice position performs unexpectedly, Entegris 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 Entegris will offset losses from the drop in Entegris' long position.| Canlan Ice vs. HUMANA INC | Canlan Ice vs. Aquagold International | Canlan Ice vs. Barloworld Ltd ADR | Canlan Ice vs. Morningstar Unconstrained Allocation |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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