Correlation Between China Tontine and Elixinol Global
Can any of the company-specific risk be diversified away by investing in both China Tontine and Elixinol Global 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 China Tontine and Elixinol Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between China Tontine Wines and Elixinol Global, you can compare the effects of market volatilities on China Tontine and Elixinol Global 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 China Tontine with a short position of Elixinol Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Tontine and Elixinol Global.
Diversification Opportunities for China Tontine and Elixinol Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between China and Elixinol is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding China Tontine Wines and Elixinol Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elixinol Global and China Tontine 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 China Tontine Wines are associated (or correlated) with Elixinol Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elixinol Global has no effect on the direction of China Tontine i.e., China Tontine and Elixinol Global go up and down completely randomly.
Pair Corralation between China Tontine and Elixinol Global
If you would invest 2.60 in Elixinol Global on September 11, 2025 and sell it today you would lose (2.31) from holding Elixinol Global or give up 88.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Tontine Wines vs. Elixinol Global
Performance |
| Timeline |
| China Tontine Wines |
| Elixinol Global |
China Tontine and Elixinol Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Tontine and Elixinol Global
The main advantage of trading using opposite China Tontine and Elixinol Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Tontine position performs unexpectedly, Elixinol Global 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 Elixinol Global will offset losses from the drop in Elixinol Global's long position.| China Tontine vs. Big Rock Brewery | China Tontine vs. Jones Soda Co | China Tontine vs. DAVIDsTEA | China Tontine vs. Colabor Group |
| Elixinol Global vs. Indocan Resources | Elixinol Global vs. Nutra Pharma Corp | Elixinol Global vs. Pure Harvest Cannabis | Elixinol Global vs. Cannabis Suisse 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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |