Correlation Between Solid Impact and Canadian General
Can any of the company-specific risk be diversified away by investing in both Solid Impact and Canadian General 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 Solid Impact and Canadian General into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Solid Impact Investments and Canadian General Investments, you can compare the effects of market volatilities on Solid Impact and Canadian General 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 Solid Impact with a short position of Canadian General. Check out your portfolio center. Please also check ongoing floating volatility patterns of Solid Impact and Canadian General.
Diversification Opportunities for Solid Impact and Canadian General
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Solid and Canadian is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Solid Impact Investments and Canadian General Investments in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canadian General Inv and Solid Impact 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 Solid Impact Investments are associated (or correlated) with Canadian General. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canadian General Inv has no effect on the direction of Solid Impact i.e., Solid Impact and Canadian General go up and down completely randomly.
Pair Corralation between Solid Impact and Canadian General
If you would invest 4,023 in Canadian General Investments on August 31, 2024 and sell it today you would earn a total of 74.00 from holding Canadian General Investments or generate 1.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Solid Impact Investments vs. Canadian General Investments
Performance |
| Timeline |
| Solid Impact Investments |
| Canadian General Inv |
Solid Impact and Canadian General Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Solid Impact and Canadian General
The main advantage of trading using opposite Solid Impact and Canadian General positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Solid Impact position performs unexpectedly, Canadian General 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 Canadian General will offset losses from the drop in Canadian General's long position.| Solid Impact vs. iShares Canadian HYBrid | Solid Impact vs. Brompton European Dividend | Solid Impact vs. Solar Alliance Energy | Solid Impact vs. PHN Multi Style All Cap |
| Canadian General vs. iShares Canadian HYBrid | Canadian General vs. Brompton European Dividend | Canadian General vs. Solar Alliance Energy | Canadian General vs. PHN Multi Style All Cap |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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