Correlation Between Levitee Labs and Acreage Holdings
Can any of the company-specific risk be diversified away by investing in both Levitee Labs and Acreage Holdings 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 Levitee Labs and Acreage Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Levitee Labs and Acreage Holdings, you can compare the effects of market volatilities on Levitee Labs and Acreage Holdings 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 Levitee Labs with a short position of Acreage Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Levitee Labs and Acreage Holdings.
Diversification Opportunities for Levitee Labs and Acreage Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Levitee and Acreage is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Levitee Labs and Acreage Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acreage Holdings and Levitee Labs 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 Levitee Labs are associated (or correlated) with Acreage Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acreage Holdings has no effect on the direction of Levitee Labs i.e., Levitee Labs and Acreage Holdings go up and down completely randomly.
Pair Corralation between Levitee Labs and Acreage Holdings
If you would invest 18.00 in Acreage Holdings on August 26, 2024 and sell it today you would lose (2.00) from holding Acreage Holdings or give up 11.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Levitee Labs vs. Acreage Holdings
Performance |
| Timeline |
| Levitee Labs |
| Acreage Holdings |
Levitee Labs and Acreage Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Levitee Labs and Acreage Holdings
The main advantage of trading using opposite Levitee Labs and Acreage Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Levitee Labs position performs unexpectedly, Acreage Holdings 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 Acreage Holdings will offset losses from the drop in Acreage Holdings' long position.| Levitee Labs vs. Sky Century Investment | Levitee Labs vs. Target Group | Levitee Labs vs. Aequus Pharmaceuticals | Levitee Labs vs. Filament Health Corp |
| Acreage Holdings vs. Green Cures Botanical | Acreage Holdings vs. Indoor Harvest Corp | Acreage Holdings vs. Speakeasy Cannabis Club | Acreage Holdings vs. Benchmark Botanics |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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