Correlation Between Canlan Ice and G-H-3 International
Can any of the company-specific risk be diversified away by investing in both Canlan Ice and G-H-3 International 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 G-H-3 International 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 G H 3 International, you can compare the effects of market volatilities on Canlan Ice and G-H-3 International 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 G-H-3 International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canlan Ice and G-H-3 International.
Diversification Opportunities for Canlan Ice and G-H-3 International
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Canlan and G-H-3 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Canlan Ice Sports and G H 3 International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on G-H-3 International 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 G-H-3 International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of G-H-3 International has no effect on the direction of Canlan Ice i.e., Canlan Ice and G-H-3 International go up and down completely randomly.
Pair Corralation between Canlan Ice and G-H-3 International
If you would invest 277.00 in Canlan Ice Sports on September 1, 2024 and sell it today you would earn a total of 20.00 from holding Canlan Ice Sports or generate 7.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.61% |
| Values | Daily Returns |
Canlan Ice Sports vs. G H 3 International
Performance |
| Timeline |
| Canlan Ice Sports |
| G-H-3 International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Canlan Ice and G-H-3 International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canlan Ice and G-H-3 International
The main advantage of trading using opposite Canlan Ice and G-H-3 International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canlan Ice position performs unexpectedly, G-H-3 International 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 G-H-3 International will offset losses from the drop in G-H-3 International's long position.| Canlan Ice vs. Philip Morris International | Canlan Ice vs. Ambev SA ADR | Canlan Ice vs. Japan Tobacco ADR | Canlan Ice vs. Compania Cervecerias Unidas |
| G-H-3 International vs. The Gap, | G-H-3 International vs. Canlan Ice Sports | G-H-3 International vs. Montauk Renewables | G-H-3 International vs. RCS MediaGroup SpA |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |