Correlation Between Cannagrow Holdings and Citrine Global

Can any of the company-specific risk be diversified away by investing in both Cannagrow Holdings and Citrine Global 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 Cannagrow Holdings and Citrine Global into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Cannagrow Holdings and Citrine Global Corp, you can compare the effects of market volatilities on Cannagrow Holdings and Citrine Global 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 Cannagrow Holdings with a short position of Citrine Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cannagrow Holdings and Citrine Global.

Diversification Opportunities for Cannagrow Holdings and Citrine Global

0.0

Correlation Coefficient

Cannagrow Holdings  Citrine Global

Pay attention - limited upside

The 3 months correlation between Cannagrow and Citrine is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cannagrow Holdings and Citrine Global Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Citrine Global Corp and Cannagrow Holdings 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 Cannagrow Holdings are associated (or correlated) with Citrine Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Citrine Global Corp has no effect on the direction of Cannagrow Holdings i.e., Cannagrow Holdings and Citrine Global go up and down completely randomly.

Pair Corralation between Cannagrow Holdings and Citrine Global

If you would invest (100.00) in Cannagrow Holdings on December 29, 2024 and sell it today you would earn a total of  100.00  from holding Cannagrow Holdings or generate -100.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

Cannagrow Holdings  vs.  Citrine Global Corp

Cannagrow Holdings

Risk-Adjusted Performance

Very Weak

Over the last 90 days Cannagrow Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly stable basic indicators, Cannagrow Holdings is not utilizing all of its potentials. The current stock price fuss, may contribute to near-short-term losses for the sophisticated investors.

Citrine Global Corp

Risk-Adjusted Performance

Very Weak

Over the last 90 days Citrine Global Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite uncertain performance in the last few months, the Stock's technical and fundamental indicators remain quite persistent which may send shares a bit higher in April 2025. The latest mess may also be a sign of long-standing up-swing for the company institutional investors.

Pair Trading with Cannagrow Holdings and Citrine Global

The main advantage of trading using opposite Cannagrow Holdings and Citrine Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cannagrow Holdings position performs unexpectedly, Citrine Global 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 Citrine Global will offset losses from the drop in Citrine Global's long position.

The idea behind Cannagrow Holdings and Citrine Global Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.