Correlation Between Unrivaled Brands and General Cannabis
Can any of the company-specific risk be diversified away by investing in both Unrivaled Brands and General Cannabis 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 Unrivaled Brands and General Cannabis into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Unrivaled Brands and General Cannabis Corp, you can compare the effects of market volatilities on Unrivaled Brands and General Cannabis 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 Unrivaled Brands with a short position of General Cannabis. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unrivaled Brands and General Cannabis.
Diversification Opportunities for Unrivaled Brands and General Cannabis
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Unrivaled and General is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Unrivaled Brands and General Cannabis Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on General Cannabis Corp and Unrivaled Brands 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 Unrivaled Brands are associated (or correlated) with General Cannabis. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of General Cannabis Corp has no effect on the direction of Unrivaled Brands i.e., Unrivaled Brands and General Cannabis go up and down completely randomly.
Pair Corralation between Unrivaled Brands and General Cannabis
If you would invest 2.90 in General Cannabis Corp on November 27, 2024 and sell it today you would earn a total of 0.50 from holding General Cannabis Corp or generate 17.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Unrivaled Brands vs. General Cannabis Corp
Performance |
| Timeline |
| Unrivaled Brands |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| General Cannabis Corp |
Unrivaled Brands and General Cannabis Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unrivaled Brands and General Cannabis
The main advantage of trading using opposite Unrivaled Brands and General Cannabis positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unrivaled Brands position performs unexpectedly, General Cannabis 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 General Cannabis will offset losses from the drop in General Cannabis' long position.| Unrivaled Brands vs. MPX International Corp | Unrivaled Brands vs. 4Front Ventures Corp | Unrivaled Brands vs. StateHouse Holdings | Unrivaled Brands vs. Decibel Cannabis |
| General Cannabis vs. Verano Holdings Corp | General Cannabis vs. 4Front Ventures Corp | General Cannabis vs. Ascend Wellness Holdings | General Cannabis vs. Medicine Man Technologies |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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