Correlation Between Elixinol Global and Speakeasy Cannabis
Can any of the company-specific risk be diversified away by investing in both Elixinol Global and Speakeasy Cannabis 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 Elixinol Global and Speakeasy Cannabis into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Elixinol Global and Speakeasy Cannabis Club, you can compare the effects of market volatilities on Elixinol Global and Speakeasy Cannabis 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 Elixinol Global with a short position of Speakeasy Cannabis. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elixinol Global and Speakeasy Cannabis.
Diversification Opportunities for Elixinol Global and Speakeasy Cannabis
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Elixinol and Speakeasy is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Elixinol Global and Speakeasy Cannabis Club in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Speakeasy Cannabis Club and Elixinol Global 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 Elixinol Global are associated (or correlated) with Speakeasy Cannabis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Speakeasy Cannabis Club has no effect on the direction of Elixinol Global i.e., Elixinol Global and Speakeasy Cannabis go up and down completely randomly.
Pair Corralation between Elixinol Global and Speakeasy Cannabis
If you would invest 0.73 in Elixinol Global on September 12, 2024 and sell it today you would earn a total of 1.83 from holding Elixinol Global or generate 250.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.19% |
| Values | Daily Returns |
Elixinol Global vs. Speakeasy Cannabis Club
Performance |
| Timeline |
| Elixinol Global |
| Speakeasy Cannabis Club |
Elixinol Global and Speakeasy Cannabis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elixinol Global and Speakeasy Cannabis
The main advantage of trading using opposite Elixinol Global and Speakeasy Cannabis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elixinol Global position performs unexpectedly, Speakeasy Cannabis 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 Speakeasy Cannabis will offset losses from the drop in Speakeasy Cannabis' long position.| Elixinol Global vs. Pharmadrug | Elixinol Global vs. Livewire Ergogenics | Elixinol Global vs. Agra Ventures | Elixinol Global vs. BellRock Brands |
| Speakeasy Cannabis vs. 4Front Ventures Corp | Speakeasy Cannabis vs. Khiron Life Sciences | Speakeasy Cannabis vs. BellRock Brands | Speakeasy Cannabis vs. Elixinol Global |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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