Correlation Between BC Craft and Lords Company
Can any of the company-specific risk be diversified away by investing in both BC Craft and Lords Company 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 BC Craft and Lords Company into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BC Craft Supply and Lords Company Worldwide, you can compare the effects of market volatilities on BC Craft and Lords Company 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 BC Craft with a short position of Lords Company. Check out your portfolio center. Please also check ongoing floating volatility patterns of BC Craft and Lords Company.
Diversification Opportunities for BC Craft and Lords Company
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CRFTF and Lords is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BC Craft Supply and Lords Company Worldwide in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lords Worldwide and BC Craft 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 BC Craft Supply are associated (or correlated) with Lords Company. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lords Worldwide has no effect on the direction of BC Craft i.e., BC Craft and Lords Company go up and down completely randomly.
Pair Corralation between BC Craft and Lords Company
If you would invest 0.02 in Lords Company Worldwide on September 1, 2024 and sell it today you would earn a total of 0.07 from holding Lords Company Worldwide or generate 350.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
BC Craft Supply vs. Lords Company Worldwide
Performance |
| Timeline |
| BC Craft Supply |
| Lords Worldwide |
BC Craft and Lords Company Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BC Craft and Lords Company
The main advantage of trading using opposite BC Craft and Lords Company positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BC Craft position performs unexpectedly, Lords Company 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 Lords Company will offset losses from the drop in Lords Company's long position.| BC Craft vs. Holloman Energy Corp | BC Craft vs. cbdMD Inc | BC Craft vs. Evolus Inc | BC Craft vs. CV Sciences |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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