Correlation Between Elixxer and Auxly Cannabis
Can any of the company-specific risk be diversified away by investing in both Elixxer and Auxly 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 Elixxer and Auxly Cannabis into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Elixxer and Auxly Cannabis Group, you can compare the effects of market volatilities on Elixxer and Auxly 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 Elixxer with a short position of Auxly Cannabis. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elixxer and Auxly Cannabis.
Diversification Opportunities for Elixxer and Auxly Cannabis
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Elixxer and Auxly is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Elixxer and Auxly Cannabis Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Auxly Cannabis Group and Elixxer 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 Elixxer are associated (or correlated) with Auxly Cannabis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Auxly Cannabis Group has no effect on the direction of Elixxer i.e., Elixxer and Auxly Cannabis go up and down completely randomly.
Pair Corralation between Elixxer and Auxly Cannabis
If you would invest 4.00 in Auxly Cannabis Group on August 30, 2024 and sell it today you would lose (0.25) from holding Auxly Cannabis Group or give up 6.25% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Elixxer vs. Auxly Cannabis Group
Performance |
Timeline |
Elixxer |
Auxly Cannabis Group |
Elixxer and Auxly Cannabis Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Elixxer and Auxly Cannabis
The main advantage of trading using opposite Elixxer and Auxly Cannabis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elixxer position performs unexpectedly, Auxly 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 Auxly Cannabis will offset losses from the drop in Auxly Cannabis' long position.Elixxer vs. Solar Alliance Energy | Elixxer vs. Braille Energy Systems | Elixxer vs. MedMira | Elixxer vs. Lite Access Technologies |
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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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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