Correlation Analysis Between SUPREME CANNABIS and SHIONOGI

This module allows you to analyze existing cross correlation between SUPREME CANNABIS INC and SHIONOGI CO. You can compare the effects of market volatilities on SUPREME CANNABIS and SHIONOGI 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 SUPREME CANNABIS with a short position of SHIONOGI. See also your portfolio center. Please also check ongoing floating volatility patterns of SUPREME CANNABIS and SHIONOGI.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

SUPREME CANNABIS INC  
00

Risk-Adjusted Performance

Over the last 30 days SUPREME CANNABIS INC has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's fundamental drivers remain rather sound which may send shares a bit higher in January 2020. The ongoing tumult may also be a sign of longer-term up-swing for the firm shareholders.
SHIONOGI CO  
77

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in SHIONOGI CO are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days. In spite of rather unsteady fundamental drivers, SHIONOGI may actually be approaching a critical reversion point that can send shares even higher in January 2020.

SUPREME CANNABIS and SHIONOGI Volatility Contrast

 Predicted Return Density 
      Returns 

SUPREME CANNABIS CO INC  vs.  SHIONOGI CO

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, SUPREME CANNABIS INC is expected to under-perform the SHIONOGI. In addition to that, SUPREME CANNABIS is 8.42 times more volatile than SHIONOGI CO. It trades about -0.08 of its total potential returns per unit of risk. SHIONOGI CO is currently generating about 0.11 per unit of volatility. If you would invest  5,326  in SHIONOGI CO on November 10, 2019 and sell it today you would earn a total of  501.00  from holding SHIONOGI CO or generate 9.41% return on investment over 30 days.

Pair Corralation between SUPREME CANNABIS and SHIONOGI

-0.69
Time Period3 Months [change]
DirectionNegative 
StrengthWeak
Accuracy84.42%
ValuesDaily Returns

Diversification Opportunities for SUPREME CANNABIS and SHIONOGI

SUPREME CANNABIS CO INC diversification synergy

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding SUPREME CANNABIS CO INC and SHIONOGI CO in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SHIONOGI CO 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 SUPREME CANNABIS INC are associated (or correlated) with SHIONOGI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SHIONOGI CO has no effect on the direction of SUPREME CANNABIS i.e. SUPREME CANNABIS and SHIONOGI go up and down completely randomly.
See also your portfolio center. Please also try Bollinger Bands module to use bollinger bands indicator to analyze target price for a given investing horizon.


 
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