Correlation Between Canlan Ice and 78490FMG1
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By analyzing existing cross correlation between Canlan Ice Sports and US78490FMG18, you can compare the effects of market volatilities on Canlan Ice and 78490FMG1 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 78490FMG1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canlan Ice and 78490FMG1.
Diversification Opportunities for Canlan Ice and 78490FMG1
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Canlan and 78490FMG1 is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Canlan Ice Sports and US78490FMG18 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US78490FMG18 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 78490FMG1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US78490FMG18 has no effect on the direction of Canlan Ice i.e., Canlan Ice and 78490FMG1 go up and down completely randomly.
Pair Corralation between Canlan Ice and 78490FMG1
If you would invest 8,864 in US78490FMG18 on September 13, 2024 and sell it today you would earn a total of 226.00 from holding US78490FMG18 or generate 2.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 33.33% |
| Values | Daily Returns |
Canlan Ice Sports vs. US78490FMG18
Performance |
| Timeline |
| Canlan Ice Sports |
| US78490FMG18 |
Canlan Ice and 78490FMG1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canlan Ice and 78490FMG1
The main advantage of trading using opposite Canlan Ice and 78490FMG1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canlan Ice position performs unexpectedly, 78490FMG1 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 78490FMG1 will offset losses from the drop in 78490FMG1's long position.| Canlan Ice vs. Oriental Land Co | Canlan Ice vs. Oriental Land Co | Canlan Ice vs. ANTA Sports Products | Canlan Ice vs. ANTA Sports Products |
| 78490FMG1 vs. Amkor Technology | 78490FMG1 vs. The Cheesecake Factory | 78490FMG1 vs. BJs Restaurants | 78490FMG1 vs. NETGEAR |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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