Correlation Between Canterbury Park and Creative Media
Can any of the company-specific risk be diversified away by investing in both Canterbury Park and Creative Media 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 Canterbury Park and Creative Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Canterbury Park Holding and Creative Media Community, you can compare the effects of market volatilities on Canterbury Park and Creative Media 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 Canterbury Park with a short position of Creative Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canterbury Park and Creative Media.
Diversification Opportunities for Canterbury Park and Creative Media
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Canterbury and Creative is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Canterbury Park Holding and Creative Media Community in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Creative Media Community and Canterbury Park 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 Canterbury Park Holding are associated (or correlated) with Creative Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Creative Media Community has no effect on the direction of Canterbury Park i.e., Canterbury Park and Creative Media go up and down completely randomly.
Pair Corralation between Canterbury Park and Creative Media
Given the investment horizon of 90 days Canterbury Park Holding is expected to generate 0.34 times more return on investment than Creative Media. However, Canterbury Park Holding is 2.94 times less risky than Creative Media. It trades about 0.19 of its potential returns per unit of risk. Creative Media Community is currently generating about -0.39 per unit of risk. If you would invest 1,888 in Canterbury Park Holding on August 29, 2024 and sell it today you would earn a total of 187.00 from holding Canterbury Park Holding or generate 9.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Canterbury Park Holding vs. Creative Media Community
Performance |
| Timeline |
| Canterbury Park Holding |
| Creative Media Community |
Canterbury Park and Creative Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canterbury Park and Creative Media
The main advantage of trading using opposite Canterbury Park and Creative Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canterbury Park position performs unexpectedly, Creative Media 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 Creative Media will offset losses from the drop in Creative Media's long position.| Canterbury Park vs. Community West Bancshares | Canterbury Park vs. Citizens Community Bancorp | Canterbury Park vs. Bridgford Foods |
| Creative Media vs. Cousins Properties Incorporated | Creative Media vs. Highwoods Properties | Creative Media vs. Douglas Emmett | Creative Media vs. Equity Commonwealth |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |