Correlation Analysis Between INTACT FINANCIAL and Israel Index

This module allows you to analyze existing cross correlation between INTACT FINANCIAL CORPORATION and Israel Index. You can compare the effects of market volatilities on INTACT FINANCIAL and Israel Index 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 INTACT FINANCIAL with a short position of Israel Index. See also your portfolio center. Please also check ongoing floating volatility patterns of INTACT FINANCIAL and Israel Index.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

INTACT FINANCIAL CORPORATION  vs.  Israel Index

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, INTACT FINANCIAL CORPORATION is expected to generate 1.13 times more return on investment than Israel Index. However, INTACT FINANCIAL is 1.13 times more volatile than Israel Index. It trades about 0.14 of its potential returns per unit of risk. Israel Index is currently generating about 0.14 per unit of risk. If you would invest  12,378  in INTACT FINANCIAL CORPORATION on October 13, 2019 and sell it today you would earn a total of  1,176  from holding INTACT FINANCIAL CORPORATION or generate 9.5% return on investment over 30 days.

Pair Corralation between INTACT FINANCIAL and Israel Index

-0.81
Time Period3 Months [change]
DirectionNegative 
StrengthSignificant
Accuracy95.31%
ValuesDaily Returns

Diversification Opportunities for INTACT FINANCIAL and Israel Index

INTACT FINANCIAL CORPORATION diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding INTACT FINANCIAL CORPORATION and Israel Index in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Israel Index and INTACT FINANCIAL 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 INTACT FINANCIAL CORPORATION are associated (or correlated) with Israel Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Israel Index has no effect on the direction of INTACT FINANCIAL i.e. INTACT FINANCIAL and Israel Index go up and down completely randomly.
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See also your portfolio center. Please also try Theme Ratings module to determine theme ratings based on digital equity recommendations. macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.


 
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