Correlation Between Flowr Corp and Grey Cloak
Can any of the company-specific risk be diversified away by investing in both Flowr Corp and Grey Cloak 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 Flowr Corp and Grey Cloak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Flowr Corp and Grey Cloak Tech, you can compare the effects of market volatilities on Flowr Corp and Grey Cloak 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 Flowr Corp with a short position of Grey Cloak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Flowr Corp and Grey Cloak.
Diversification Opportunities for Flowr Corp and Grey Cloak
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Flowr and Grey is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Flowr Corp and Grey Cloak Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grey Cloak Tech and Flowr 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 Flowr Corp are associated (or correlated) with Grey Cloak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grey Cloak Tech has no effect on the direction of Flowr Corp i.e., Flowr Corp and Grey Cloak go up and down completely randomly.
Pair Corralation between Flowr Corp and Grey Cloak
If you would invest 340.00 in Grey Cloak Tech on August 29, 2024 and sell it today you would lose (110.00) from holding Grey Cloak Tech or give up 32.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 71.43% |
| Values | Daily Returns |
Flowr Corp vs. Grey Cloak Tech
Performance |
| Timeline |
| Flowr Corp |
| Grey Cloak Tech |
Flowr Corp and Grey Cloak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Flowr Corp and Grey Cloak
The main advantage of trading using opposite Flowr Corp and Grey Cloak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Flowr Corp position performs unexpectedly, Grey Cloak 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 Grey Cloak will offset losses from the drop in Grey Cloak's long position.| Flowr Corp vs. THC Therapeutics | Flowr Corp vs. Elixinol Global | Flowr Corp vs. Eisai Co | Flowr Corp vs. Mc Endvrs |
| Grey Cloak vs. ManifestSeven Holdings | Grey Cloak vs. Pure Harvest Cannabis | Grey Cloak vs. Ionic Brands Corp | Grey Cloak vs. CuraScientific Corp |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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