Correlation Between Canlan Ice and CROWN
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By analyzing existing cross correlation between Canlan Ice Sports and CROWN CASTLE INTERNATIONAL, you can compare the effects of market volatilities on Canlan Ice and CROWN 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 CROWN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canlan Ice and CROWN.
Diversification Opportunities for Canlan Ice and CROWN
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Canlan and CROWN is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Canlan Ice Sports and CROWN CASTLE INTERNATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CROWN CASTLE INTERNA 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 CROWN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CROWN CASTLE INTERNA has no effect on the direction of Canlan Ice i.e., Canlan Ice and CROWN go up and down completely randomly.
Pair Corralation between Canlan Ice and CROWN
Assuming the 90 days horizon Canlan Ice Sports is expected to generate 0.27 times more return on investment than CROWN. However, Canlan Ice Sports is 3.64 times less risky than CROWN. It trades about 0.17 of its potential returns per unit of risk. CROWN CASTLE INTERNATIONAL is currently generating about -0.11 per unit of risk. If you would invest 292.00 in Canlan Ice Sports on September 2, 2024 and sell it today you would earn a total of 5.00 from holding Canlan Ice Sports or generate 1.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 96.88% |
| Values | Daily Returns |
Canlan Ice Sports vs. CROWN CASTLE INTERNATIONAL
Performance |
| Timeline |
| Canlan Ice Sports |
| CROWN CASTLE INTERNA |
Canlan Ice and CROWN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canlan Ice and CROWN
The main advantage of trading using opposite Canlan Ice and CROWN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canlan Ice position performs unexpectedly, CROWN 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 CROWN will offset losses from the drop in CROWN's long position.| Canlan Ice vs. Kite Realty Group | Canlan Ice vs. Alaska Air Group | Canlan Ice vs. Stepstone Group | Canlan Ice vs. Tencent Music Entertainment |
| CROWN vs. Xponential Fitness | CROWN vs. Japan Tobacco ADR | CROWN vs. Alvotech | CROWN vs. Molson Coors Brewing |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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