Correlation Between Elixinol Global and Levitee Labs
Can any of the company-specific risk be diversified away by investing in both Elixinol Global and Levitee Labs 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 Elixinol Global and Levitee Labs into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Elixinol Global and Levitee Labs, you can compare the effects of market volatilities on Elixinol Global and Levitee Labs 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 Elixinol Global with a short position of Levitee Labs. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elixinol Global and Levitee Labs.
Diversification Opportunities for Elixinol Global and Levitee Labs
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Elixinol and Levitee is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Elixinol Global and Levitee Labs in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Levitee Labs and Elixinol Global 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 Elixinol Global are associated (or correlated) with Levitee Labs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Levitee Labs has no effect on the direction of Elixinol Global i.e., Elixinol Global and Levitee Labs go up and down completely randomly.
Pair Corralation between Elixinol Global and Levitee Labs
If you would invest 0.22 in Elixinol Global on September 13, 2024 and sell it today you would earn a total of 0.28 from holding Elixinol Global or generate 127.27% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 98.44% |
Values | Daily Returns |
Elixinol Global vs. Levitee Labs
Performance |
Timeline |
Elixinol Global |
Levitee Labs |
Elixinol Global and Levitee Labs Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Elixinol Global and Levitee Labs
The main advantage of trading using opposite Elixinol Global and Levitee Labs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elixinol Global position performs unexpectedly, Levitee Labs 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 Levitee Labs will offset losses from the drop in Levitee Labs' long position.Elixinol Global vs. Pharmadrug | Elixinol Global vs. Livewire Ergogenics | Elixinol Global vs. Agra Ventures | Elixinol Global vs. BellRock Brands |
Levitee Labs vs. 4Front Ventures Corp | Levitee Labs vs. Khiron Life Sciences | Levitee Labs vs. BellRock Brands | Levitee Labs vs. Elixinol Global |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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