Correlation Between Canlan Ice and STOAU
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By analyzing existing cross correlation between Canlan Ice Sports and STOAU 3649 29 APR 31, you can compare the effects of market volatilities on Canlan Ice and STOAU 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 Canlan Ice with a short position of STOAU. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canlan Ice and STOAU.
Diversification Opportunities for Canlan Ice and STOAU
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Canlan and STOAU is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Canlan Ice Sports and STOAU 3649 29 APR 31 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STOAU 3649 29 and Canlan Ice 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 Canlan Ice Sports are associated (or correlated) with STOAU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STOAU 3649 29 has no effect on the direction of Canlan Ice i.e., Canlan Ice and STOAU go up and down completely randomly.
Pair Corralation between Canlan Ice and STOAU
Assuming the 90 days horizon Canlan Ice Sports is expected to generate 0.07 times more return on investment than STOAU. However, Canlan Ice Sports is 13.69 times less risky than STOAU. It trades about 0.13 of its potential returns per unit of risk. STOAU 3649 29 APR 31 is currently generating about -0.13 per unit of risk. If you would invest 295.00 in Canlan Ice Sports on December 30, 2024 and sell it today you would earn a total of 2.00 from holding Canlan Ice Sports or generate 0.68% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 52.38% |
Values | Daily Returns |
Canlan Ice Sports vs. STOAU 3649 29 APR 31
Performance |
Timeline |
Canlan Ice Sports |
STOAU 3649 29 |
Canlan Ice and STOAU Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Canlan Ice and STOAU
The main advantage of trading using opposite Canlan Ice and STOAU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canlan Ice position performs unexpectedly, STOAU 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 STOAU will offset losses from the drop in STOAU's long position.Canlan Ice vs. Sapiens International | Canlan Ice vs. Q2 Holdings | Canlan Ice vs. Teleflex Incorporated | Canlan Ice vs. Alphatec Holdings |
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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