Correlation Between NYSE Composite and CannaGlobal Acquisition
Can any of the company-specific risk be diversified away by investing in both NYSE Composite and CannaGlobal Acquisition 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 NYSE Composite and CannaGlobal Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NYSE Composite and CannaGlobal Acquisition Corp, you can compare the effects of market volatilities on NYSE Composite and CannaGlobal Acquisition 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 NYSE Composite with a short position of CannaGlobal Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and CannaGlobal Acquisition.
Diversification Opportunities for NYSE Composite and CannaGlobal Acquisition
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between NYSE and CannaGlobal is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and CannaGlobal Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CannaGlobal Acquisition and NYSE Composite 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 NYSE Composite are associated (or correlated) with CannaGlobal Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CannaGlobal Acquisition has no effect on the direction of NYSE Composite i.e., NYSE Composite and CannaGlobal Acquisition go up and down completely randomly.
Pair Corralation between NYSE Composite and CannaGlobal Acquisition
If you would invest 1,923,895 in NYSE Composite on September 1, 2024 and sell it today you would earn a total of 103,309 from holding NYSE Composite or generate 5.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
NYSE Composite vs. CannaGlobal Acquisition Corp
Performance |
| Timeline |
NYSE Composite and CannaGlobal Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
CannaGlobal Acquisition Corp
Pair trading matchups for CannaGlobal Acquisition
Pair Trading with NYSE Composite and CannaGlobal Acquisition
The main advantage of trading using opposite NYSE Composite and CannaGlobal Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, CannaGlobal Acquisition 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 CannaGlobal Acquisition will offset losses from the drop in CannaGlobal Acquisition's long position.| NYSE Composite vs. Acumen Pharmaceuticals | NYSE Composite vs. Mind Medicine | NYSE Composite vs. NL Industries | NYSE Composite vs. Ecovyst |
| CannaGlobal Acquisition vs. Vishay Intertechnology | CannaGlobal Acquisition vs. Elmos Semiconductor SE | CannaGlobal Acquisition vs. Valens | CannaGlobal Acquisition vs. ACG Metals Limited |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |