Correlation Between Intermap Technologies and Canadian Apartment
Can any of the company-specific risk be diversified away by investing in both Intermap Technologies and Canadian Apartment 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 Intermap Technologies and Canadian Apartment into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intermap Technologies Corp and Canadian Apartment Properties, you can compare the effects of market volatilities on Intermap Technologies and Canadian Apartment 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 Intermap Technologies with a short position of Canadian Apartment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intermap Technologies and Canadian Apartment.
Diversification Opportunities for Intermap Technologies and Canadian Apartment
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Intermap and Canadian is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding Intermap Technologies Corp and Canadian Apartment Properties in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canadian Apartment and Intermap Technologies 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 Intermap Technologies Corp are associated (or correlated) with Canadian Apartment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canadian Apartment has no effect on the direction of Intermap Technologies i.e., Intermap Technologies and Canadian Apartment go up and down completely randomly.
Pair Corralation between Intermap Technologies and Canadian Apartment
Assuming the 90 days trading horizon Intermap Technologies Corp is expected to generate 4.51 times more return on investment than Canadian Apartment. However, Intermap Technologies is 4.51 times more volatile than Canadian Apartment Properties. It trades about 0.24 of its potential returns per unit of risk. Canadian Apartment Properties is currently generating about -0.12 per unit of risk. If you would invest 62.00 in Intermap Technologies Corp on October 26, 2024 and sell it today you would earn a total of 191.00 from holding Intermap Technologies Corp or generate 308.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intermap Technologies Corp vs. Canadian Apartment Properties
Performance |
| Timeline |
| Intermap Technologies |
| Canadian Apartment |
Intermap Technologies and Canadian Apartment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intermap Technologies and Canadian Apartment
The main advantage of trading using opposite Intermap Technologies and Canadian Apartment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intermap Technologies position performs unexpectedly, Canadian Apartment 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 Canadian Apartment will offset losses from the drop in Canadian Apartment's long position.| Intermap Technologies vs. Firan Technology Group | Intermap Technologies vs. Vecima Networks | Intermap Technologies vs. D Box Technologies | Intermap Technologies vs. Tucows Inc |
| Canadian Apartment vs. Allied Properties Real | Canadian Apartment vs. Granite Real Estate | Canadian Apartment vs. Boardwalk Real Estate | Canadian Apartment vs. HR Real Estate |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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