Correlation Between Stratasys and CI Financial
Can any of the company-specific risk be diversified away by investing in both Stratasys and CI Financial 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 Stratasys and CI Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stratasys and CI Financial Corp, you can compare the effects of market volatilities on Stratasys and CI Financial 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 Stratasys with a short position of CI Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stratasys and CI Financial.
Diversification Opportunities for Stratasys and CI Financial
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Stratasys and CIXXF is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Stratasys and CI Financial Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Financial Corp and Stratasys 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 Stratasys are associated (or correlated) with CI Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Financial Corp has no effect on the direction of Stratasys i.e., Stratasys and CI Financial go up and down completely randomly.
Pair Corralation between Stratasys and CI Financial
If you would invest 961.00 in Stratasys on September 15, 2024 and sell it today you would earn a total of 47.00 from holding Stratasys or generate 4.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Stratasys vs. CI Financial Corp
Performance |
| Timeline |
| Stratasys |
| CI Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Stratasys and CI Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stratasys and CI Financial
The main advantage of trading using opposite Stratasys and CI Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stratasys position performs unexpectedly, CI Financial 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 CI Financial will offset losses from the drop in CI Financial's long position.| Stratasys vs. Rigetti Computing | Stratasys vs. D Wave Quantum | Stratasys vs. Desktop Metal | Stratasys vs. Quantum Computing |
| CI Financial vs. Western Digital | CI Financial vs. Stratasys | CI Financial vs. Meiwu Technology Co | CI Financial vs. BCE Inc |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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