Correlation Between CANADIAN NORTH and Firan Technology

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Can any of the company-specific risk be diversified away by investing in both CANADIAN NORTH and Firan Technology 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 CANADIAN NORTH and Firan Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CANADIAN NORTH RESOURCES and Firan Technology Group, you can compare the effects of market volatilities on CANADIAN NORTH and Firan Technology 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 CANADIAN NORTH with a short position of Firan Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of CANADIAN NORTH and Firan Technology.

Diversification Opportunities for CANADIAN NORTH and Firan Technology

CANADIANFiranDiversified AwayCANADIANFiranDiversified Away100%
0.11
  Correlation Coefficient

Average diversification

The 3 months correlation between CANADIAN and Firan is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding CANADIAN NORTH RESOURCES and Firan Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Firan Technology and CANADIAN NORTH 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 CANADIAN NORTH RESOURCES are associated (or correlated) with Firan Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Firan Technology has no effect on the direction of CANADIAN NORTH i.e., CANADIAN NORTH and Firan Technology go up and down completely randomly.

Pair Corralation between CANADIAN NORTH and Firan Technology

Assuming the 90 days horizon CANADIAN NORTH RESOURCES is expected to generate 4.51 times more return on investment than Firan Technology. However, CANADIAN NORTH is 4.51 times more volatile than Firan Technology Group. It trades about 0.05 of its potential returns per unit of risk. Firan Technology Group is currently generating about 0.09 per unit of risk. If you would invest  65.00  in CANADIAN NORTH RESOURCES on November 15, 2024 and sell it today you would earn a total of  3.00  from holding CANADIAN NORTH RESOURCES or generate 4.62% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

CANADIAN NORTH RESOURCES  vs.  Firan Technology Group

 Performance 
JavaScript chart by amCharts 3.21.15NovDec2025 -20-10010
JavaScript chart by amCharts 3.21.15EO0 22F
       Timeline  
CANADIAN NORTH RESOURCES 

Risk-Adjusted Performance

Insignificant

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in CANADIAN NORTH RESOURCES are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Despite nearly uncertain basic indicators, CANADIAN NORTH reported solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb0.50.550.60.650.7
Firan Technology 

Risk-Adjusted Performance

Modest

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Firan Technology Group are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively unsteady basic indicators, Firan Technology may actually be approaching a critical reversion point that can send shares even higher in March 2025.
JavaScript chart by amCharts 3.21.15DecJanFebJanFeb4.64.74.84.955.15.25.35.45.5

CANADIAN NORTH and Firan Technology Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-21.53-16.13-10.72-5.310.09015.4310.9416.4621.98 0.020.040.060.080.100.120.14
JavaScript chart by amCharts 3.21.15EO0 22F
       Returns  

Pair Trading with CANADIAN NORTH and Firan Technology

The main advantage of trading using opposite CANADIAN NORTH and Firan Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CANADIAN NORTH position performs unexpectedly, Firan Technology 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 Firan Technology will offset losses from the drop in Firan Technology's long position.
The idea behind CANADIAN NORTH RESOURCES and Firan Technology Group 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.

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