Correlation Between CannaGlobal Acquisition and Saia

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

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

Diversification Opportunities for CannaGlobal Acquisition and Saia

0.0

Correlation Coefficient

CannaGlobal Acquisition  Saia

Pay attention - limited upside

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

Pair Corralation between CannaGlobal Acquisition and Saia

If you would invest  38,308  in Saia Inc on December 3, 2024 and sell it today you would earn a total of  726.00  from holding Saia Inc or generate 1.9% return on investment over 90 days.

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

CannaGlobal Acquisition Corp  vs.  Saia Inc

CannaGlobal Acquisition

Risk-Adjusted Performance

Very Weak

Over the last 90 days CannaGlobal Acquisition Corp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable essential indicators, CannaGlobal Acquisition is not utilizing all of its potentials. The latest stock price uproar, may contribute to short-horizon losses for the private investors.

Saia Inc

Risk-Adjusted Performance

Very Weak

Over the last 90 days Saia Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Despite unfluctuating performance in the last few months, the Stock's forward indicators remain somewhat strong which may send shares a bit higher in April 2025. The current disturbance may also be a sign of long term up-swing for the company investors.

Pair Trading with CannaGlobal Acquisition and Saia

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

The idea behind CannaGlobal Acquisition Corp and Saia Inc 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 Stocks Directory module to find actively traded stocks across global markets.