Correlation Between CardieX and Industrial Commercial
Can any of the company-specific risk be diversified away by investing in both CardieX and Industrial Commercial 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 CardieX and Industrial Commercial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CardieX Limited and Industrial Commercial Bank, you can compare the effects of market volatilities on CardieX and Industrial Commercial 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 CardieX with a short position of Industrial Commercial. Check out your portfolio center. Please also check ongoing floating volatility patterns of CardieX and Industrial Commercial.
Diversification Opportunities for CardieX and Industrial Commercial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CardieX and Industrial is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CardieX Limited and Industrial Commercial Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial Commercial and CardieX 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 CardieX Limited are associated (or correlated) with Industrial Commercial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial Commercial has no effect on the direction of CardieX i.e., CardieX and Industrial Commercial go up and down completely randomly.
Pair Corralation between CardieX and Industrial Commercial
If you would invest 999.00 in Industrial Commercial Bank on January 24, 2024 and sell it today you would earn a total of 50.00 from holding Industrial Commercial Bank or generate 5.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
CardieX Limited vs. Industrial Commercial Bank
Performance |
| Timeline |
| CardieX Limited |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Industrial Commercial |
CardieX and Industrial Commercial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CardieX and Industrial Commercial
The main advantage of trading using opposite CardieX and Industrial Commercial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CardieX position performs unexpectedly, Industrial Commercial 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 Industrial Commercial will offset losses from the drop in Industrial Commercial's long position.| CardieX vs. Nasdaq Inc | CardieX vs. Cedar Fair LP | CardieX vs. SEI Investments | CardieX vs. Marine Products |
| Industrial Commercial vs. ANZ Group Holdings | Industrial Commercial vs. Bank of America | Industrial Commercial vs. Bank of America | Industrial Commercial vs. Wells Fargo |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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