Correlation Between Bausch and Canlan Ice
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By analyzing existing cross correlation between Bausch Health Companies and Canlan Ice Sports, you can compare the effects of market volatilities on Bausch and Canlan Ice 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 Bausch with a short position of Canlan Ice. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bausch and Canlan Ice.
Diversification Opportunities for Bausch and Canlan Ice
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Bausch and Canlan is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Bausch Health Companies and Canlan Ice Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canlan Ice Sports and Bausch 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 Bausch Health Companies are associated (or correlated) with Canlan Ice. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canlan Ice Sports has no effect on the direction of Bausch i.e., Bausch and Canlan Ice go up and down completely randomly.
Pair Corralation between Bausch and Canlan Ice
If you would invest 297.00 in Canlan Ice Sports on September 14, 2024 and sell it today you would earn a total of 0.00 from holding Canlan Ice Sports or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 61.9% |
| Values | Daily Returns |
Bausch Health Companies vs. Canlan Ice Sports
Performance |
| Timeline |
| Bausch Health Companies |
| Canlan Ice Sports |
Bausch and Canlan Ice Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bausch and Canlan Ice
The main advantage of trading using opposite Bausch and Canlan Ice positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bausch position performs unexpectedly, Canlan Ice 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 Canlan Ice will offset losses from the drop in Canlan Ice's long position.| Bausch vs. SNDL Inc | Bausch vs. Elmos Semiconductor SE | Bausch vs. Taiwan Semiconductor Manufacturing | Bausch vs. Kulicke and Soffa |
| Canlan Ice vs. Toro Co | Canlan Ice vs. Procter Gamble | Canlan Ice vs. Bank of New | Canlan Ice vs. Raytech Holding Limited |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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