Correlation Between CuraScientific Corp and Maple Leaf
Can any of the company-specific risk be diversified away by investing in both CuraScientific Corp and Maple Leaf 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 CuraScientific Corp and Maple Leaf into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CuraScientific Corp and Maple Leaf Green, you can compare the effects of market volatilities on CuraScientific Corp and Maple Leaf 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 CuraScientific Corp with a short position of Maple Leaf. Check out your portfolio center. Please also check ongoing floating volatility patterns of CuraScientific Corp and Maple Leaf.
Diversification Opportunities for CuraScientific Corp and Maple Leaf
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CuraScientific and Maple is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CuraScientific Corp and Maple Leaf Green in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maple Leaf Green and CuraScientific Corp 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 CuraScientific Corp are associated (or correlated) with Maple Leaf. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maple Leaf Green has no effect on the direction of CuraScientific Corp i.e., CuraScientific Corp and Maple Leaf go up and down completely randomly.
Pair Corralation between CuraScientific Corp and Maple Leaf
Given the investment horizon of 90 days CuraScientific Corp is expected to generate 2.94 times more return on investment than Maple Leaf. However, CuraScientific Corp is 2.94 times more volatile than Maple Leaf Green. It trades about 0.07 of its potential returns per unit of risk. Maple Leaf Green is currently generating about 0.07 per unit of risk. If you would invest 7.50 in CuraScientific Corp on September 14, 2024 and sell it today you would lose (7.50) from holding CuraScientific Corp or give up 100.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
CuraScientific Corp vs. Maple Leaf Green
Performance |
| Timeline |
| CuraScientific Corp |
| Maple Leaf Green |
CuraScientific Corp and Maple Leaf Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CuraScientific Corp and Maple Leaf
The main advantage of trading using opposite CuraScientific Corp and Maple Leaf positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CuraScientific Corp position performs unexpectedly, Maple Leaf 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 Maple Leaf will offset losses from the drop in Maple Leaf's long position.| CuraScientific Corp vs. ManifestSeven Holdings | CuraScientific Corp vs. Curative Biosciences | CuraScientific Corp vs. Ionic Brands Corp | CuraScientific Corp vs. Earth Science Tech |
| Maple Leaf vs. Grey Cloak Tech | Maple Leaf vs. CuraScientific Corp | Maple Leaf vs. Love Hemp Group | Maple Leaf vs. Greater Cannabis |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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