Correlation Between SNDL and 36158FAA8
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By analyzing existing cross correlation between SNDL Inc and GE GLOBAL INS, you can compare the effects of market volatilities on SNDL and 36158FAA8 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 SNDL with a short position of 36158FAA8. Check out your portfolio center. Please also check ongoing floating volatility patterns of SNDL and 36158FAA8.
Diversification Opportunities for SNDL and 36158FAA8
Average diversification
The 3 months correlation between SNDL and 36158FAA8 is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding SNDL Inc and GE GLOBAL INS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GE GLOBAL INS and SNDL 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 SNDL Inc are associated (or correlated) with 36158FAA8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GE GLOBAL INS has no effect on the direction of SNDL i.e., SNDL and 36158FAA8 go up and down completely randomly.
Pair Corralation between SNDL and 36158FAA8
Given the investment horizon of 90 days SNDL Inc is expected to under-perform the 36158FAA8. In addition to that, SNDL is 3.76 times more volatile than GE GLOBAL INS. It trades about -0.05 of its total potential returns per unit of risk. GE GLOBAL INS is currently generating about 0.01 per unit of volatility. If you would invest 10,282 in GE GLOBAL INS on September 12, 2024 and sell it today you would earn a total of 6.00 from holding GE GLOBAL INS or generate 0.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 71.88% |
| Values | Daily Returns |
SNDL Inc vs. GE GLOBAL INS
Performance |
| Timeline |
| SNDL Inc |
| GE GLOBAL INS |
SNDL and 36158FAA8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SNDL and 36158FAA8
The main advantage of trading using opposite SNDL and 36158FAA8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SNDL position performs unexpectedly, 36158FAA8 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 36158FAA8 will offset losses from the drop in 36158FAA8's long position.The idea behind SNDL Inc and GE GLOBAL INS 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.| 36158FAA8 vs. Westrock Coffee | 36158FAA8 vs. SNDL Inc | 36158FAA8 vs. TFI International | 36158FAA8 vs. Boston Beer |
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 CEOs Directory module to screen CEOs from public companies around the world.
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