Correlation Between High Liner and Reliq Health
Can any of the company-specific risk be diversified away by investing in both High Liner and Reliq Health 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 High Liner and Reliq Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between High Liner Foods and Reliq Health Technologies, you can compare the effects of market volatilities on High Liner and Reliq Health 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 High Liner with a short position of Reliq Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of High Liner and Reliq Health.
Diversification Opportunities for High Liner and Reliq Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between High and Reliq is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding High Liner Foods and Reliq Health Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Reliq Health Technologies and High Liner 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 High Liner Foods are associated (or correlated) with Reliq Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Reliq Health Technologies has no effect on the direction of High Liner i.e., High Liner and Reliq Health go up and down completely randomly.
Pair Corralation between High Liner and Reliq Health
If you would invest 1,302 in High Liner Foods on September 1, 2024 and sell it today you would earn a total of 239.00 from holding High Liner Foods or generate 18.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
High Liner Foods vs. Reliq Health Technologies
Performance |
| Timeline |
| High Liner Foods |
| Reliq Health Technologies |
High Liner and Reliq Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with High Liner and Reliq Health
The main advantage of trading using opposite High Liner and Reliq Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if High Liner position performs unexpectedly, Reliq Health 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 Reliq Health will offset losses from the drop in Reliq Health's long position.| High Liner vs. Leons Furniture Limited | High Liner vs. Autocanada | High Liner vs. Maple Leaf Foods | High Liner vs. Premium Brands Holdings |
| Reliq Health vs. Premium Income | Reliq Health vs. E L Financial Corp | Reliq Health vs. Fairfax Financial Holdings | Reliq Health vs. Fairfax Fin Hld |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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