Correlation Between Grey Cloak and BC Craft
Can any of the company-specific risk be diversified away by investing in both Grey Cloak and BC Craft 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 Grey Cloak and BC Craft into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Grey Cloak Tech and BC Craft Supply, you can compare the effects of market volatilities on Grey Cloak and BC Craft 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 Grey Cloak with a short position of BC Craft. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grey Cloak and BC Craft.
Diversification Opportunities for Grey Cloak and BC Craft
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Grey and CRFTF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Grey Cloak Tech and BC Craft Supply in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BC Craft Supply and Grey Cloak 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 Grey Cloak Tech are associated (or correlated) with BC Craft. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BC Craft Supply has no effect on the direction of Grey Cloak i.e., Grey Cloak and BC Craft go up and down completely randomly.
Pair Corralation between Grey Cloak and BC Craft
Given the investment horizon of 90 days Grey Cloak Tech is expected to generate 0.81 times more return on investment than BC Craft. However, Grey Cloak Tech is 1.23 times less risky than BC Craft. It trades about 0.06 of its potential returns per unit of risk. BC Craft Supply is currently generating about 0.04 per unit of risk. If you would invest 405.00 in Grey Cloak Tech on August 25, 2024 and sell it today you would lose (180.00) from holding Grey Cloak Tech or give up 44.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 86.9% |
| Values | Daily Returns |
Grey Cloak Tech vs. BC Craft Supply
Performance |
| Timeline |
| Grey Cloak Tech |
| BC Craft Supply |
Grey Cloak and BC Craft Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grey Cloak and BC Craft
The main advantage of trading using opposite Grey Cloak and BC Craft positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grey Cloak position performs unexpectedly, BC Craft 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 BC Craft will offset losses from the drop in BC Craft's long position.| Grey Cloak vs. ManifestSeven Holdings | Grey Cloak vs. Pure Harvest Cannabis | Grey Cloak vs. Ionic Brands Corp | Grey Cloak vs. CuraScientific Corp |
| BC Craft vs. Green Cures Botanical | BC Craft vs. Galexxy Holdings | BC Craft vs. Indoor Harvest Corp | BC Craft vs. Speakeasy Cannabis Club |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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