Correlation Between IShares Canadian and Green Panda
Can any of the company-specific risk be diversified away by investing in both IShares Canadian and Green Panda 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 IShares Canadian and Green Panda into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between iShares Canadian HYBrid and Green Panda Capital, you can compare the effects of market volatilities on IShares Canadian and Green Panda 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 IShares Canadian with a short position of Green Panda. Check out your portfolio center. Please also check ongoing floating volatility patterns of IShares Canadian and Green Panda.
Diversification Opportunities for IShares Canadian and Green Panda
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between IShares and Green is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding iShares Canadian HYBrid and Green Panda Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Green Panda Capital and IShares Canadian 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 iShares Canadian HYBrid are associated (or correlated) with Green Panda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Green Panda Capital has no effect on the direction of IShares Canadian i.e., IShares Canadian and Green Panda go up and down completely randomly.
Pair Corralation between IShares Canadian and Green Panda
If you would invest 1,727 in iShares Canadian HYBrid on September 3, 2024 and sell it today you would earn a total of 264.00 from holding iShares Canadian HYBrid or generate 15.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
iShares Canadian HYBrid vs. Green Panda Capital
Performance |
| Timeline |
| iShares Canadian HYBrid |
| Green Panda Capital |
IShares Canadian and Green Panda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IShares Canadian and Green Panda
The main advantage of trading using opposite IShares Canadian and Green Panda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IShares Canadian position performs unexpectedly, Green Panda 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 Green Panda will offset losses from the drop in Green Panda's long position.| IShares Canadian vs. iShares IG Corporate | IShares Canadian vs. iShares High Yield | IShares Canadian vs. iShares Floating Rate | IShares Canadian vs. iShares JP Morgan |
| Green Panda vs. Western Investment | Green Panda vs. Partners Value Investments | Green Panda vs. MAG Silver Corp | Green Panda vs. Highwood Asset Management |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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