Correlation Between Canlan Ice and Lindblad Expeditions
Can any of the company-specific risk be diversified away by investing in both Canlan Ice and Lindblad Expeditions 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 Lindblad Expeditions 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 Lindblad Expeditions Holdings, you can compare the effects of market volatilities on Canlan Ice and Lindblad Expeditions 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 Lindblad Expeditions. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canlan Ice and Lindblad Expeditions.
Diversification Opportunities for Canlan Ice and Lindblad Expeditions
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Canlan and Lindblad is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Canlan Ice Sports and Lindblad Expeditions Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lindblad Expeditions 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 Lindblad Expeditions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lindblad Expeditions has no effect on the direction of Canlan Ice i.e., Canlan Ice and Lindblad Expeditions go up and down completely randomly.
Pair Corralation between Canlan Ice and Lindblad Expeditions
If you would invest 991.00 in Lindblad Expeditions Holdings on August 29, 2024 and sell it today you would earn a total of 232.50 from holding Lindblad Expeditions Holdings or generate 23.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Canlan Ice Sports vs. Lindblad Expeditions Holdings
Performance |
| Timeline |
| Canlan Ice Sports |
| Lindblad Expeditions |
Canlan Ice and Lindblad Expeditions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canlan Ice and Lindblad Expeditions
The main advantage of trading using opposite Canlan Ice and Lindblad Expeditions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canlan Ice position performs unexpectedly, Lindblad Expeditions 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 Lindblad Expeditions will offset losses from the drop in Lindblad Expeditions' long position.| Canlan Ice vs. ANTA Sports Products | Canlan Ice vs. ANTA Sports Products | Canlan Ice vs. Carnival Plc ADS |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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