Correlation Between Sangoma Technologies and Intact Financial
Can any of the company-specific risk be diversified away by investing in both Sangoma Technologies and Intact 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 Sangoma Technologies and Intact Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sangoma Technologies Corp and Intact Financial, you can compare the effects of market volatilities on Sangoma Technologies and Intact 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 Sangoma Technologies with a short position of Intact Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sangoma Technologies and Intact Financial.
Diversification Opportunities for Sangoma Technologies and Intact Financial
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sangoma and Intact is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Sangoma Technologies Corp and Intact Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intact Financial and Sangoma Technologies 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 Sangoma Technologies Corp are associated (or correlated) with Intact Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intact Financial has no effect on the direction of Sangoma Technologies i.e., Sangoma Technologies and Intact Financial go up and down completely randomly.
Pair Corralation between Sangoma Technologies and Intact Financial
Assuming the 90 days trading horizon Sangoma Technologies Corp is expected to under-perform the Intact Financial. In addition to that, Sangoma Technologies is 2.1 times more volatile than Intact Financial. It trades about -0.31 of its total potential returns per unit of risk. Intact Financial is currently generating about 0.25 per unit of volatility. If you would invest 26,240 in Intact Financial on December 4, 2024 and sell it today you would earn a total of 2,271 from holding Intact Financial or generate 8.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sangoma Technologies Corp vs. Intact Financial
Performance |
| Timeline |
| Sangoma Technologies Corp |
| Intact Financial |
Sangoma Technologies and Intact Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sangoma Technologies and Intact Financial
The main advantage of trading using opposite Sangoma Technologies and Intact Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sangoma Technologies position performs unexpectedly, Intact 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 Intact Financial will offset losses from the drop in Intact Financial's long position.| Sangoma Technologies vs. Sylogist | ||
| Sangoma Technologies vs. Converge Technology Solutions | ||
| Sangoma Technologies vs. Propel Holdings | ||
| Sangoma Technologies vs. Vitalhub Corp |
| Intact Financial vs. iA Financial | ||
| Intact Financial vs. Thomson Reuters Corp | ||
| Intact Financial vs. Metro Inc | ||
| Intact Financial vs. Waste Connections |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |