Correlation Between Samfine Creation and Molson Coors
Can any of the company-specific risk be diversified away by investing in both Samfine Creation and Molson Coors 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 Samfine Creation and Molson Coors into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Samfine Creation Holdings and Molson Coors Brewing, you can compare the effects of market volatilities on Samfine Creation and Molson Coors 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 Samfine Creation with a short position of Molson Coors. Check out your portfolio center. Please also check ongoing floating volatility patterns of Samfine Creation and Molson Coors.
Diversification Opportunities for Samfine Creation and Molson Coors
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Samfine and Molson is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Samfine Creation Holdings and Molson Coors Brewing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Molson Coors Brewing and Samfine Creation 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 Samfine Creation Holdings are associated (or correlated) with Molson Coors. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Molson Coors Brewing has no effect on the direction of Samfine Creation i.e., Samfine Creation and Molson Coors go up and down completely randomly.
Pair Corralation between Samfine Creation and Molson Coors
Given the investment horizon of 90 days Samfine Creation Holdings is expected to generate 11.59 times more return on investment than Molson Coors. However, Samfine Creation is 11.59 times more volatile than Molson Coors Brewing. It trades about 0.01 of its potential returns per unit of risk. Molson Coors Brewing is currently generating about -0.02 per unit of risk. If you would invest 530.00 in Samfine Creation Holdings on November 1, 2024 and sell it today you would lose (444.00) from holding Samfine Creation Holdings or give up 83.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 32.16% |
| Values | Daily Returns |
Samfine Creation Holdings vs. Molson Coors Brewing
Performance |
| Timeline |
| Samfine Creation Holdings |
| Molson Coors Brewing |
Samfine Creation and Molson Coors Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Samfine Creation and Molson Coors
The main advantage of trading using opposite Samfine Creation and Molson Coors positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Samfine Creation position performs unexpectedly, Molson Coors 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 Molson Coors will offset losses from the drop in Molson Coors' long position.| Samfine Creation vs. Molson Coors Brewing | Samfine Creation vs. Atlantic American | Samfine Creation vs. Root Inc | Samfine Creation vs. Alignment Healthcare LLC |
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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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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