Correlation Between Im Cannabis and City View
Can any of the company-specific risk be diversified away by investing in both Im Cannabis and City View 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 Im Cannabis and City View into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Im Cannabis Corp and City View Green, you can compare the effects of market volatilities on Im Cannabis and City View 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 Im Cannabis with a short position of City View. Check out your portfolio center. Please also check ongoing floating volatility patterns of Im Cannabis and City View.
Diversification Opportunities for Im Cannabis and City View
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between IMCC and City is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Im Cannabis Corp and City View Green in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on City View Green and Im Cannabis 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 Im Cannabis Corp are associated (or correlated) with City View. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of City View Green has no effect on the direction of Im Cannabis i.e., Im Cannabis and City View go up and down completely randomly.
Pair Corralation between Im Cannabis and City View
If you would invest 216.00 in Im Cannabis Corp on November 27, 2024 and sell it today you would earn a total of 6.00 from holding Im Cannabis Corp or generate 2.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Im Cannabis Corp vs. City View Green
Performance |
| Timeline |
| Im Cannabis Corp |
| City View Green |
Im Cannabis and City View Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Im Cannabis and City View
The main advantage of trading using opposite Im Cannabis and City View positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Im Cannabis position performs unexpectedly, City View 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 City View will offset losses from the drop in City View's long position.| Im Cannabis vs. Clever Leaves Holdings | Im Cannabis vs. Khiron Life Sciences | Im Cannabis vs. Allied Corp | Im Cannabis vs. Biofrontera |
| City View vs. Benchmark Botanics | City View vs. Speakeasy Cannabis Club | City View vs. BC Craft Supply | City View vs. Ravenquest Biomed |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |