Correlation Between Canlan Ice and Kid Castle
Can any of the company-specific risk be diversified away by investing in both Canlan Ice and Kid Castle 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 Canlan Ice and Kid Castle into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Canlan Ice Sports and Kid Castle Educational, you can compare the effects of market volatilities on Canlan Ice and Kid Castle 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 Canlan Ice with a short position of Kid Castle. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canlan Ice and Kid Castle.
Diversification Opportunities for Canlan Ice and Kid Castle
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Canlan and Kid is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Canlan Ice Sports and Kid Castle Educational in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kid Castle Educational and Canlan Ice 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 Canlan Ice Sports are associated (or correlated) with Kid Castle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kid Castle Educational has no effect on the direction of Canlan Ice i.e., Canlan Ice and Kid Castle go up and down completely randomly.
Pair Corralation between Canlan Ice and Kid Castle
If you would invest 260.00 in Canlan Ice Sports on September 1, 2025 and sell it today you would earn a total of 37.00 from holding Canlan Ice Sports or generate 14.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Canlan Ice Sports vs. Kid Castle Educational
Performance |
| Timeline |
| Canlan Ice Sports |
| Kid Castle Educational |
Canlan Ice and Kid Castle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canlan Ice and Kid Castle
The main advantage of trading using opposite Canlan Ice and Kid Castle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canlan Ice position performs unexpectedly, Kid Castle 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 Kid Castle will offset losses from the drop in Kid Castle's long position.| Canlan Ice vs. Mineral Mountain Mining | Canlan Ice vs. KB Home | Canlan Ice vs. Eddy Smart Home | Canlan Ice vs. Hooker Furniture |
| Kid Castle vs. DATA Communications Management | Kid Castle vs. Canlan Ice Sports | Kid Castle vs. Impax Asset Management | Kid Castle vs. Xtreme Motorsports International |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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