Correlation Between Northstar Clean and CINTAS
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By analyzing existing cross correlation between Northstar Clean Technologies and CINTAS P NO, you can compare the effects of market volatilities on Northstar Clean and CINTAS 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 Northstar Clean with a short position of CINTAS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Northstar Clean and CINTAS.
Diversification Opportunities for Northstar Clean and CINTAS
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Northstar and CINTAS is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Northstar Clean Technologies and CINTAS P NO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CINTAS P NO and Northstar Clean 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 Northstar Clean Technologies are associated (or correlated) with CINTAS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CINTAS P NO has no effect on the direction of Northstar Clean i.e., Northstar Clean and CINTAS go up and down completely randomly.
Pair Corralation between Northstar Clean and CINTAS
Assuming the 90 days horizon Northstar Clean Technologies is expected to generate 22.85 times more return on investment than CINTAS. However, Northstar Clean is 22.85 times more volatile than CINTAS P NO. It trades about 0.21 of its potential returns per unit of risk. CINTAS P NO is currently generating about -0.15 per unit of risk. If you would invest 15.00 in Northstar Clean Technologies on September 3, 2024 and sell it today you would earn a total of 6.00 from holding Northstar Clean Technologies or generate 40.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Northstar Clean Technologies vs. CINTAS P NO
Performance |
| Timeline |
| Northstar Clean Tech |
| CINTAS P NO |
Northstar Clean and CINTAS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Northstar Clean and CINTAS
The main advantage of trading using opposite Northstar Clean and CINTAS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Northstar Clean position performs unexpectedly, CINTAS 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 CINTAS will offset losses from the drop in CINTAS's long position.| Northstar Clean vs. Susglobal Energy Corp | Northstar Clean vs. LanzaTech Global | Northstar Clean vs. Aqua Metals | Northstar Clean vs. LiCycle Holdings Corp |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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