Correlation Between TGS Esports and Canfor

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

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

Diversification Opportunities for TGS Esports and Canfor

0.0

Correlation Coefficient

TGS Esports  Canfor

Pay attention - limited upside

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

Pair Corralation between TGS Esports and Canfor

If you would invest  5.50  in TGS Esports on July 31, 2025 and sell it today you would earn a total of  0.00  from holding TGS Esports or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

TGS Esports  vs.  Canfor

TGS Esports

Risk-Adjusted Performance

Weakest

Over the last 90 days TGS Esports has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly stable basic indicators, TGS Esports is not utilizing all of its potentials. The recent stock price fuss, may contribute to near-short-term losses for the sophisticated investors.

Canfor

Risk-Adjusted Performance

Weakest

Over the last 90 days Canfor has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest abnormal performance, the Stock's basic indicators remain healthy and the recent disarray on Wall Street may also be a sign of long period gains for the firm investors.

Pair Trading with TGS Esports and Canfor

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

The idea behind TGS Esports and Canfor 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.