Correlation Between Dayforce and Intact Financial

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

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

Diversification Opportunities for Dayforce and Intact Financial

0.0

Correlation Coefficient

Dayforce  Intact Financial

Pay attention - limited upside

The 3 months correlation between Dayforce and Intact is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Dayforce and Intact Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intact Financial and Dayforce 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 Dayforce are associated (or correlated) with Intact Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intact Financial has no effect on the direction of Dayforce i.e., Dayforce and Intact Financial go up and down completely randomly.

Pair Corralation between Dayforce and Intact Financial

If you would invest  0.00  in Intact Financial on May 11, 2025 and sell it today you would earn a total of  0.00  from holding Intact Financial or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	1.59%
Values	Daily Returns

Dayforce  vs.  Intact Financial

Dayforce

Risk-Adjusted Performance

Weakest

Over the last 90 days Dayforce 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 basic indicators remain very healthy which may send shares a bit higher in September 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.

Intact Financial

Risk-Adjusted Performance

Weakest

Over the last 90 days Intact Financial has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy fundamental indicators, Intact Financial is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.

Pair Trading with Dayforce and Intact Financial

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

The idea behind Dayforce and Intact Financial 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.

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 Money Managers module to screen money managers from public funds and ETFs managed around the world.