Two Equities Correlation Analysis
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SPRWF
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for Supreme Cannabis and NYSE Composite
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Supreme and NYSE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding The Supreme Cannabis and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and Supreme Cannabis 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 The Supreme Cannabis are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of Supreme Cannabis i.e., Supreme Cannabis and NYSE Composite go up and down completely randomly.
Pair Corralation between Supreme Cannabis and NYSE Composite
If you would invest 1,582,705 in NYSE Composite on January 20, 2024 and sell it today you would earn a total of 156,104 from holding NYSE Composite or generate 9.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
The Supreme Cannabis vs. NYSE Composite
Performance |
| Timeline |
Supreme Cannabis and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
The Supreme Cannabis
Pair trading matchups for Supreme Cannabis
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with Supreme Cannabis and NYSE Composite
The main advantage of trading using opposite Supreme Cannabis and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Supreme Cannabis position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.| Supreme Cannabis vs. Boyd Gaming | Supreme Cannabis vs. ICC Holdings | Supreme Cannabis vs. United Fire Group | Supreme Cannabis vs. Portillos |
| NYSE Composite vs. Dine Brands Global | NYSE Composite vs. BJs Restaurants | NYSE Composite vs. Chipotle Mexican Grill | NYSE Composite vs. Shake Shack |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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