Correlation Between Canadian Solar and Accretion Acquisition
Can any of the company-specific risk be diversified away by investing in both Canadian Solar and Accretion Acquisition 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 Canadian Solar and Accretion Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Canadian Solar and Accretion Acquisition Corp, you can compare the effects of market volatilities on Canadian Solar and Accretion Acquisition 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 Canadian Solar with a short position of Accretion Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canadian Solar and Accretion Acquisition.
Diversification Opportunities for Canadian Solar and Accretion Acquisition
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Canadian and Accretion is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Solar and Accretion Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accretion Acquisition and Canadian Solar 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 Canadian Solar are associated (or correlated) with Accretion Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accretion Acquisition has no effect on the direction of Canadian Solar i.e., Canadian Solar and Accretion Acquisition go up and down completely randomly.
Pair Corralation between Canadian Solar and Accretion Acquisition
If you would invest 1,070 in Canadian Solar on November 28, 2024 and sell it today you would earn a total of 37.00 from holding Canadian Solar or generate 3.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Canadian Solar vs. Accretion Acquisition Corp
Performance |
| Timeline |
| Canadian Solar |
| Accretion Acquisition |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Canadian Solar and Accretion Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canadian Solar and Accretion Acquisition
The main advantage of trading using opposite Canadian Solar and Accretion Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canadian Solar position performs unexpectedly, Accretion Acquisition 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 Accretion Acquisition will offset losses from the drop in Accretion Acquisition's long position.| Canadian Solar vs. Maxeon Solar Technologies | Canadian Solar vs. SolarEdge Technologies | Canadian Solar vs. Sunnova Energy International | Canadian Solar vs. Enphase Energy |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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