Correlation Between Lord Global and BC Craft
Can any of the company-specific risk be diversified away by investing in both Lord Global 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 Lord Global and BC Craft into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Lord Global Corp and BC Craft Supply, you can compare the effects of market volatilities on Lord Global 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 Lord Global with a short position of BC Craft. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lord Global and BC Craft.
Diversification Opportunities for Lord Global and BC Craft
-1.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Lord and CRFTF is -1.0. Overlapping area represents the amount of risk that can be diversified away by holding Lord Global Corp 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 Lord Global 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 Lord Global Corp 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 Lord Global i.e., Lord Global and BC Craft go up and down completely randomly.
Pair Corralation between Lord Global and BC Craft
If you would invest 1.34 in BC Craft Supply on August 29, 2024 and sell it today you would earn a total of 0.00 from holding BC Craft Supply or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Strong |
| Accuracy | 4.35% |
| Values | Daily Returns |
Lord Global Corp vs. BC Craft Supply
Performance |
| Timeline |
| Lord Global Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| BC Craft Supply |
Lord Global and BC Craft Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lord Global and BC Craft
The main advantage of trading using opposite Lord Global and BC Craft positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lord Global 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.| Lord Global vs. Primoris Services | Lord Global vs. SunOpta | Lord Global vs. Jutal Offshore Oil | Lord Global vs. Highway Holdings Limited |
| BC Craft vs. Green Cures Botanical | BC Craft vs. Cann American Corp | BC Craft vs. Rimrock Gold Corp | BC Craft vs. Galexxy Holdings |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |