Correlation Analysis Between NATIONAL BANK and INTACT FINANCIAL

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

Comparative Performance

NATIONAL BANK  
1919

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in NATIONAL BANK OF CANADA are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days. Allthough quite conflicting forward indicators, NATIONAL BANK may actually be approaching a critical reversion point that can send shares even higher in January 2020.
INTACT FINANCIAL COR  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in INTACT FINANCIAL CORPORATION are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Allthough quite persistent forward indicators, INTACT FINANCIAL is not utilizing all of its potentials. The existing stock price mess, may contribute to short term losses for the partners.

NATIONAL BANK and INTACT FINANCIAL Volatility Contrast

 Predicted Return Density 
      Returns 

NATIONAL BANK OF CANADA  vs.  INTACT FINANCIAL CORPORATION

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, NATIONAL BANK OF CANADA is expected to generate 0.55 times more return on investment than INTACT FINANCIAL. However, NATIONAL BANK OF CANADA is 1.8 times less risky than INTACT FINANCIAL. It trades about 0.29 of its potential returns per unit of risk. INTACT FINANCIAL CORPORATION is currently generating about 0.07 per unit of risk. If you would invest  6,453  in NATIONAL BANK OF CANADA on November 11, 2019 and sell it today you would earn a total of  764.00  from holding NATIONAL BANK OF CANADA or generate 11.84% return on investment over 30 days.

Pair Corralation between NATIONAL BANK and INTACT FINANCIAL

0.71
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for NATIONAL BANK and INTACT FINANCIAL

NATIONAL BANK OF CANADA diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding NATIONAL BANK OF CANADA and INTACT FINANCIAL CORPORATION in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on INTACT FINANCIAL COR and NATIONAL BANK 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 NATIONAL BANK OF CANADA are associated (or correlated) with INTACT FINANCIAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTACT FINANCIAL COR has no effect on the direction of NATIONAL BANK i.e. NATIONAL BANK and INTACT FINANCIAL go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.


 
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