Correlation Between Intact Financial and Nationwide Bailard
Can any of the company-specific risk be diversified away by investing in both Intact Financial and Nationwide Bailard 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 Intact Financial and Nationwide Bailard into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intact Financial and Nationwide Bailard Emerging, you can compare the effects of market volatilities on Intact Financial and Nationwide Bailard 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 Nationwide Bailard. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intact Financial and Nationwide Bailard.
Diversification Opportunities for Intact Financial and Nationwide Bailard
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Intact and Nationwide is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Intact Financial and Nationwide Bailard Emerging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nationwide Bailard 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 are associated (or correlated) with Nationwide Bailard. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nationwide Bailard has no effect on the direction of Intact Financial i.e., Intact Financial and Nationwide Bailard go up and down completely randomly.
Pair Corralation between Intact Financial and Nationwide Bailard
If you would invest 20,578 in Intact Financial on January 20, 2024 and sell it today you would earn a total of 1,604 from holding Intact Financial or generate 7.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Intact Financial vs. Nationwide Bailard Emerging
Performance |
| Timeline |
| Intact Financial |
| Nationwide Bailard |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Intact Financial and Nationwide Bailard Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intact Financial and Nationwide Bailard
The main advantage of trading using opposite Intact Financial and Nationwide Bailard positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intact Financial position performs unexpectedly, Nationwide Bailard 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 Nationwide Bailard will offset losses from the drop in Nationwide Bailard's long position.| Intact Financial vs. iA Financial | Intact Financial vs. Thomson Reuters Corp | Intact Financial vs. Metro Inc | Intact Financial vs. Waste Connections |
| Nationwide Bailard vs. Jpmorgan Government Bond | Nationwide Bailard vs. Us Government Securities | Nationwide Bailard vs. Short Term Government Fund | Nationwide Bailard vs. Lord Abbett Government |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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