Correlation Between Canaccord Genuity and Laurentian Bank
Can any of the company-specific risk be diversified away by investing in both Canaccord Genuity and Laurentian Bank 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 Canaccord Genuity and Laurentian Bank into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Canaccord Genuity Group and Laurentian Bank, you can compare the effects of market volatilities on Canaccord Genuity and Laurentian Bank 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 Canaccord Genuity with a short position of Laurentian Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canaccord Genuity and Laurentian Bank.
Diversification Opportunities for Canaccord Genuity and Laurentian Bank
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Canaccord and Laurentian is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Canaccord Genuity Group and Laurentian Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Laurentian Bank and Canaccord Genuity 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 Canaccord Genuity Group are associated (or correlated) with Laurentian Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Laurentian Bank has no effect on the direction of Canaccord Genuity i.e., Canaccord Genuity and Laurentian Bank go up and down completely randomly.
Pair Corralation between Canaccord Genuity and Laurentian Bank
Assuming the 90 days horizon Canaccord Genuity Group is expected to generate 2.38 times more return on investment than Laurentian Bank. However, Canaccord Genuity is 2.38 times more volatile than Laurentian Bank. It trades about 0.1 of its potential returns per unit of risk. Laurentian Bank is currently generating about 0.17 per unit of risk. If you would invest 1,017 in Canaccord Genuity Group on August 29, 2025 and sell it today you would earn a total of 143.00 from holding Canaccord Genuity Group or generate 14.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Canaccord Genuity Group vs. Laurentian Bank
Performance |
| Timeline |
| Canaccord Genuity |
| Laurentian Bank |
Canaccord Genuity and Laurentian Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canaccord Genuity and Laurentian Bank
The main advantage of trading using opposite Canaccord Genuity and Laurentian Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canaccord Genuity position performs unexpectedly, Laurentian Bank 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 Laurentian Bank will offset losses from the drop in Laurentian Bank's long position.| Canaccord Genuity vs. Kua Investments | Canaccord Genuity vs. Western Investment | Canaccord Genuity vs. Canso Select Opportunities | Canaccord Genuity vs. Computer Modelling Group |
| Laurentian Bank vs. East Africa Metals | Laurentian Bank vs. Getty Copper | Laurentian Bank vs. Western Copper and | Laurentian Bank vs. Quipt Home Medical |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |