Correlation Between Imax Corp and First Citizens
Can any of the company-specific risk be diversified away by investing in both Imax Corp and First Citizens 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 Imax Corp and First Citizens into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Imax Corp and The First Citizens, you can compare the effects of market volatilities on Imax Corp and First Citizens 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 Imax Corp with a short position of First Citizens. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imax Corp and First Citizens.
Diversification Opportunities for Imax Corp and First Citizens
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Imax and First is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Imax Corp and The First Citizens in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Citizens and Imax 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 Imax Corp are associated (or correlated) with First Citizens. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Citizens has no effect on the direction of Imax Corp i.e., Imax Corp and First Citizens go up and down completely randomly.
Pair Corralation between Imax Corp and First Citizens
If you would invest 1,759 in Imax Corp on January 3, 2025 and sell it today you would earn a total of 899.00 from holding Imax Corp or generate 51.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Imax Corp vs. The First Citizens
Performance |
| Timeline |
| Imax Corp |
| First Citizens |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Imax Corp and First Citizens Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Imax Corp and First Citizens
The main advantage of trading using opposite Imax Corp and First Citizens positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Imax Corp position performs unexpectedly, First Citizens 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 First Citizens will offset losses from the drop in First Citizens' long position.| Imax Corp vs. Marcus | ||
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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 CEOs Directory module to screen CEOs from public companies around the world.
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