Correlation Between Blueberries Medical and CordovaCann Corp

Can any of the company-specific risk be diversified away by investing in both Blueberries Medical and CordovaCann Corp 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 Blueberries Medical and CordovaCann Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Blueberries Medical Corp and CordovaCann Corp, you can compare the effects of market volatilities on Blueberries Medical and CordovaCann Corp 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 Blueberries Medical with a short position of CordovaCann Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blueberries Medical and CordovaCann Corp.

Diversification Opportunities for Blueberries Medical and CordovaCann Corp

-0.16

Correlation Coefficient

Blueberries Medical  CordovaCann Corp

Good diversification

The 3 months correlation between Blueberries and CordovaCann is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Blueberries Medical Corp and CordovaCann Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CordovaCann Corp and Blueberries Medical 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 Blueberries Medical Corp are associated (or correlated) with CordovaCann Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CordovaCann Corp has no effect on the direction of Blueberries Medical i.e., Blueberries Medical and CordovaCann Corp go up and down completely randomly.

Pair Corralation between Blueberries Medical and CordovaCann Corp

Assuming the 90 days horizon Blueberries Medical Corp is expected to generate 0.59 times more return on investment than CordovaCann Corp. However, Blueberries Medical Corp is 1.68 times less risky than CordovaCann Corp. It trades about 0.05 of its potential returns per unit of risk. CordovaCann Corp is currently generating about 0.02 per unit of risk. If you would invest  1.00  in Blueberries Medical Corp on May 6, 2025 and sell it today you would earn a total of  0.03  from holding Blueberries Medical Corp or generate 3.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	98.41%
Values	Daily Returns

Blueberries Medical Corp  vs.  CordovaCann Corp

Blueberries Medical Corp

Risk-Adjusted Performance

Insignificant

Compared to the overall equity markets, risk-adjusted returns on investments in Blueberries Medical Corp are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Despite nearly weak basic indicators, Blueberries Medical reported solid returns over the last few months and may actually be approaching a breakup point.

CordovaCann Corp

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in CordovaCann Corp are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile essential indicators, CordovaCann Corp reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Blueberries Medical and CordovaCann Corp

The main advantage of trading using opposite Blueberries Medical and CordovaCann Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blueberries Medical position performs unexpectedly, CordovaCann Corp 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 CordovaCann Corp will offset losses from the drop in CordovaCann Corp's long position.

The idea behind Blueberries Medical Corp and CordovaCann Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..