Correlation Between EXELON and Canlan Ice
Specify exactly 2 symbols:
By analyzing existing cross correlation between EXELON P 51 and Canlan Ice Sports, you can compare the effects of market volatilities on EXELON 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 EXELON with a short position of Canlan Ice. Check out your portfolio center. Please also check ongoing floating volatility patterns of EXELON and Canlan Ice.
Diversification Opportunities for EXELON and Canlan Ice
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between EXELON and Canlan is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding EXELON P 51 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 EXELON 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 EXELON P 51 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 EXELON i.e., EXELON and Canlan Ice go up and down completely randomly.
Pair Corralation between EXELON and Canlan Ice
If you would invest 297.00 in Canlan Ice Sports on August 30, 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 Against |
| Strength | Weak |
| Accuracy | 72.09% |
| Values | Daily Returns |
EXELON P 51 vs. Canlan Ice Sports
Performance |
| Timeline |
| EXELON P 51 |
| Canlan Ice Sports |
EXELON and Canlan Ice Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EXELON and Canlan Ice
The main advantage of trading using opposite EXELON and Canlan Ice positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EXELON 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.| EXELON vs. AEP TEX INC | EXELON vs. US BANK NATIONAL | EXELON vs. Applied Blockchain | EXELON vs. Neutra Corp |
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 Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |