Correlation Between Calian Technologies and Dayforce
Can any of the company-specific risk be diversified away by investing in both Calian Technologies and Dayforce 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 Calian Technologies and Dayforce into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Calian Technologies and Dayforce, you can compare the effects of market volatilities on Calian Technologies and Dayforce 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 Calian Technologies with a short position of Dayforce. Check out your portfolio center. Please also check ongoing floating volatility patterns of Calian Technologies and Dayforce.
Diversification Opportunities for Calian Technologies and Dayforce
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Calian and Dayforce is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Calian Technologies and Dayforce in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dayforce and Calian 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 Calian Technologies are associated (or correlated) with Dayforce. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dayforce has no effect on the direction of Calian Technologies i.e., Calian Technologies and Dayforce go up and down completely randomly.
Pair Corralation between Calian Technologies and Dayforce
Assuming the 90 days trading horizon Calian Technologies is expected to under-perform the Dayforce. But the stock apears to be less risky and, when comparing its historical volatility, Calian Technologies is 1.77 times less risky than Dayforce. The stock trades about -0.01 of its potential returns per unit of risk. The Dayforce is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 8,107 in Dayforce on July 26, 2025 and sell it today you would earn a total of 1,482 from holding Dayforce or generate 18.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Calian Technologies vs. Dayforce
Performance |
| Timeline |
| Calian Technologies |
| Dayforce |
Calian Technologies and Dayforce Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Calian Technologies and Dayforce
The main advantage of trading using opposite Calian Technologies and Dayforce positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Calian Technologies position performs unexpectedly, Dayforce 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 Dayforce will offset losses from the drop in Dayforce's long position.| Calian Technologies vs. Dexterra Group | Calian Technologies vs. GDI Integrated | Calian Technologies vs. Zedcor Energy | Calian Technologies vs. Chorus Aviation |
| Dayforce vs. Plaza Retail REIT | Dayforce vs. Endeavour Silver Corp | Dayforce vs. Capstone Mining Corp | Dayforce vs. Air Canada |
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 Stocks Directory module to find actively traded stocks across global markets.
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