Correlation Between Canoe Mining and West Red
Can any of the company-specific risk be diversified away by investing in both Canoe Mining and West Red 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 Canoe Mining and West Red into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Canoe Mining Ventures and West Red Lake, you can compare the effects of market volatilities on Canoe Mining and West Red 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 Canoe Mining with a short position of West Red. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canoe Mining and West Red.
Diversification Opportunities for Canoe Mining and West Red
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Canoe and West is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Canoe Mining Ventures and West Red Lake in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on West Red Lake and Canoe Mining 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 Canoe Mining Ventures are associated (or correlated) with West Red. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of West Red Lake has no effect on the direction of Canoe Mining i.e., Canoe Mining and West Red go up and down completely randomly.
Pair Corralation between Canoe Mining and West Red
If you would invest 0.02 in Canoe Mining Ventures on September 8, 2025 and sell it today you would earn a total of 0.00 from holding Canoe Mining Ventures or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.48% |
| Values | Daily Returns |
Canoe Mining Ventures vs. West Red Lake
Performance |
| Timeline |
| Canoe Mining Ventures |
| West Red Lake |
Canoe Mining and West Red Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canoe Mining and West Red
The main advantage of trading using opposite Canoe Mining and West Red positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canoe Mining position performs unexpectedly, West Red 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 West Red will offset losses from the drop in West Red's long position.| Canoe Mining vs. Newmont Goldcorp Corp | Canoe Mining vs. Agnico Eagle Mines | Canoe Mining vs. Wheaton Precious Metals | Canoe Mining vs. Zijin Mining Group |
| West Red vs. Sun Art Retail | West Red vs. Interplay Entertainment Corp | West Red vs. Signature Leisure | West Red vs. Playtika Holding 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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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