Correlation Between Axcelis Technologies and Canlan Ice
Can any of the company-specific risk be diversified away by investing in both Axcelis Technologies and Canlan Ice 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 Axcelis Technologies and Canlan Ice into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Axcelis Technologies and Canlan Ice Sports, you can compare the effects of market volatilities on Axcelis Technologies and Canlan Ice 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 Axcelis Technologies with a short position of Canlan Ice. Check out your portfolio center. Please also check ongoing floating volatility patterns of Axcelis Technologies and Canlan Ice.
Diversification Opportunities for Axcelis Technologies and Canlan Ice
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Axcelis and Canlan is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Axcelis Technologies and Canlan Ice Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canlan Ice Sports and Axcelis Technologies 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 Axcelis Technologies are associated (or correlated) with Canlan Ice. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canlan Ice Sports has no effect on the direction of Axcelis Technologies i.e., Axcelis Technologies and Canlan Ice go up and down completely randomly.
Pair Corralation between Axcelis Technologies and Canlan Ice
Given the investment horizon of 90 days Axcelis Technologies is expected to generate 44.64 times more return on investment than Canlan Ice. However, Axcelis Technologies is 44.64 times more volatile than Canlan Ice Sports. It trades about 0.31 of its potential returns per unit of risk. Canlan Ice Sports is currently generating about -0.22 per unit of risk. If you would invest 5,646 in Axcelis Technologies on April 2, 2025 and sell it today you would earn a total of 1,323 from holding Axcelis Technologies or generate 23.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Axcelis Technologies vs. Canlan Ice Sports
Performance |
| Timeline |
| Axcelis Technologies |
| Canlan Ice Sports |
Axcelis Technologies and Canlan Ice Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Axcelis Technologies and Canlan Ice
The main advantage of trading using opposite Axcelis Technologies and Canlan Ice positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Axcelis Technologies position performs unexpectedly, Canlan Ice 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 Canlan Ice will offset losses from the drop in Canlan Ice's long position.| Axcelis Technologies vs. Daqo New Energy | Axcelis Technologies vs. Veeco Instruments | Axcelis Technologies vs. Entegris | Axcelis Technologies vs. Nova |
| Canlan Ice vs. Griffon | Canlan Ice vs. Chester Mining | Canlan Ice vs. JD Sports Fashion | Canlan Ice vs. Ximen Mining Corp |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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