Correlation Between Citizens Community and Canterbury Park
Can any of the company-specific risk be diversified away by investing in both Citizens Community and Canterbury Park 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 Citizens Community and Canterbury Park into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Citizens Community Bancorp and Canterbury Park Holding, you can compare the effects of market volatilities on Citizens Community and Canterbury Park 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 Citizens Community with a short position of Canterbury Park. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citizens Community and Canterbury Park.
Diversification Opportunities for Citizens Community and Canterbury Park
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Citizens and Canterbury is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Citizens Community Bancorp and Canterbury Park Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canterbury Park Holding and Citizens Community 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 Citizens Community Bancorp are associated (or correlated) with Canterbury Park. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canterbury Park Holding has no effect on the direction of Citizens Community i.e., Citizens Community and Canterbury Park go up and down completely randomly.
Pair Corralation between Citizens Community and Canterbury Park
If you would invest 1,166 in Citizens Community Bancorp on August 27, 2024 and sell it today you would earn a total of 444.00 from holding Citizens Community Bancorp or generate 38.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Citizens Community Bancorp vs. Canterbury Park Holding
Performance |
| Timeline |
| Citizens Community |
| Canterbury Park Holding |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Citizens Community and Canterbury Park Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citizens Community and Canterbury Park
The main advantage of trading using opposite Citizens Community and Canterbury Park positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citizens Community position performs unexpectedly, Canterbury Park 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 Canterbury Park will offset losses from the drop in Canterbury Park's long position.| Citizens Community vs. Home Federal Bancorp | Citizens Community vs. First Financial Northwest | Citizens Community vs. First Northwest Bancorp | Citizens Community vs. First Capital |
| Canterbury Park vs. Community West Bancshares | Canterbury Park vs. Citizens Community Bancorp | Canterbury Park vs. Bridgford Foods |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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