Correlation Between Goodfood Market and AF2 Capital
Can any of the company-specific risk be diversified away by investing in both Goodfood Market and AF2 Capital 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 Goodfood Market and AF2 Capital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Goodfood Market Corp and AF2 Capital Corp, you can compare the effects of market volatilities on Goodfood Market and AF2 Capital 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 Goodfood Market with a short position of AF2 Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goodfood Market and AF2 Capital.
Diversification Opportunities for Goodfood Market and AF2 Capital
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Goodfood and AF2 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Goodfood Market Corp and AF2 Capital Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AF2 Capital Corp and Goodfood Market 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 Goodfood Market Corp are associated (or correlated) with AF2 Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AF2 Capital Corp has no effect on the direction of Goodfood Market i.e., Goodfood Market and AF2 Capital go up and down completely randomly.
Pair Corralation between Goodfood Market and AF2 Capital
If you would invest 35.00 in Goodfood Market Corp on September 4, 2024 and sell it today you would earn a total of 10.00 from holding Goodfood Market Corp or generate 28.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Goodfood Market Corp vs. AF2 Capital Corp
Performance |
| Timeline |
| Goodfood Market Corp |
| AF2 Capital Corp |
Goodfood Market and AF2 Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goodfood Market and AF2 Capital
The main advantage of trading using opposite Goodfood Market and AF2 Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goodfood Market position performs unexpectedly, AF2 Capital 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 AF2 Capital will offset losses from the drop in AF2 Capital's long position.| Goodfood Market vs. WELL Health Technologies | Goodfood Market vs. Lightspeed Commerce | Goodfood Market vs. Docebo Inc | Goodfood Market vs. Dye Durham |
| AF2 Capital vs. Goodfood Market Corp | AF2 Capital vs. Jamieson Wellness | AF2 Capital vs. Marimaca Copper Corp | AF2 Capital vs. Ramp Metals |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |