Correlation Between 37045XCM6 and Akanda Corp
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By analyzing existing cross correlation between GM 65 and Akanda Corp, you can compare the effects of market volatilities on 37045XCM6 and Akanda Corp 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 37045XCM6 with a short position of Akanda Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of 37045XCM6 and Akanda Corp.
Diversification Opportunities for 37045XCM6 and Akanda Corp
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 37045XCM6 and Akanda is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding GM 65 and Akanda Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Akanda Corp and 37045XCM6 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 GM 65 are associated (or correlated) with Akanda Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Akanda Corp has no effect on the direction of 37045XCM6 i.e., 37045XCM6 and Akanda Corp go up and down completely randomly.
Pair Corralation between 37045XCM6 and Akanda Corp
Assuming the 90 days trading horizon GM 65 is expected to under-perform the Akanda Corp. But the bond apears to be less risky and, when comparing its historical volatility, GM 65 is 2.92 times less risky than Akanda Corp. The bond trades about -0.13 of its potential returns per unit of risk. The Akanda Corp is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 167.00 in Akanda Corp on August 30, 2024 and sell it today you would earn a total of 3.00 from holding Akanda Corp or generate 1.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
GM 65 vs. Akanda Corp
Performance |
| Timeline |
| 37045XCM6 |
| Akanda Corp |
37045XCM6 and Akanda Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 37045XCM6 and Akanda Corp
The main advantage of trading using opposite 37045XCM6 and Akanda Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 37045XCM6 position performs unexpectedly, Akanda Corp 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 Akanda Corp will offset losses from the drop in Akanda Corp's long position.| 37045XCM6 vs. Akanda Corp | 37045XCM6 vs. Merit Medical Systems | 37045XCM6 vs. Aquestive Therapeutics | 37045XCM6 vs. Catalent |
| Akanda Corp vs. Ikena Oncology | Akanda Corp vs. Eliem Therapeutics | Akanda Corp vs. HCW Biologics | Akanda Corp vs. Tempest Therapeutics |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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