Correlation Between CoreShares Preference and CA Sales

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Can any of the company-specific risk be diversified away by investing in both CoreShares Preference and CA Sales 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 CoreShares Preference and CA Sales into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CoreShares Preference Share and CA Sales Holdings, you can compare the effects of market volatilities on CoreShares Preference and CA Sales 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 CoreShares Preference with a short position of CA Sales. Check out your portfolio center. Please also check ongoing floating volatility patterns of CoreShares Preference and CA Sales.

Diversification Opportunities for CoreShares Preference and CA Sales

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between CoreShares and CAA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CoreShares Preference Share and CA Sales Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CA Sales Holdings and CoreShares Preference 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 CoreShares Preference Share are associated (or correlated) with CA Sales. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CA Sales Holdings has no effect on the direction of CoreShares Preference i.e., CoreShares Preference and CA Sales go up and down completely randomly.

Pair Corralation between CoreShares Preference and CA Sales

If you would invest  150,000  in CA Sales Holdings on August 30, 2024 and sell it today you would earn a total of  10,000  from holding CA Sales Holdings or generate 6.67% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy97.73%
ValuesDaily Returns

CoreShares Preference Share  vs.  CA Sales Holdings

 Performance 
       Timeline  
CoreShares Preference 

Risk-Adjusted Performance

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Over the last 90 days CoreShares Preference Share has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong technical and fundamental indicators, CoreShares Preference is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.
CA Sales Holdings 

Risk-Adjusted Performance

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Weak
 
Strong
Insignificant
Compared to the overall equity markets, risk-adjusted returns on investments in CA Sales Holdings are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. In spite of rather unsteady technical and fundamental indicators, CA Sales may actually be approaching a critical reversion point that can send shares even higher in December 2024.

CoreShares Preference and CA Sales Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with CoreShares Preference and CA Sales

The main advantage of trading using opposite CoreShares Preference and CA Sales positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CoreShares Preference position performs unexpectedly, CA Sales 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 CA Sales will offset losses from the drop in CA Sales' long position.
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The idea behind CoreShares Preference Share and CA Sales Holdings pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.

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