Correlation Between Intel and Canadian Solar
Can any of the company-specific risk be diversified away by investing in both Intel and Canadian Solar 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 Intel and Canadian Solar into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intel and Canadian Solar, you can compare the effects of market volatilities on Intel and Canadian Solar 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 Intel with a short position of Canadian Solar. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and Canadian Solar.
Diversification Opportunities for Intel and Canadian Solar
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Intel and Canadian is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Intel and Canadian Solar in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canadian Solar and Intel 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 Intel are associated (or correlated) with Canadian Solar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canadian Solar has no effect on the direction of Intel i.e., Intel and Canadian Solar go up and down completely randomly.
Pair Corralation between Intel and Canadian Solar
Given the investment horizon of 90 days Intel is expected to generate 0.77 times more return on investment than Canadian Solar. However, Intel is 1.3 times less risky than Canadian Solar. It trades about 0.11 of its potential returns per unit of risk. Canadian Solar is currently generating about 0.06 per unit of risk. If you would invest 2,055 in Intel on May 26, 2025 and sell it today you would earn a total of 425.00 from holding Intel or generate 20.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intel vs. Canadian Solar
Performance |
| Timeline |
| Intel |
| Canadian Solar |
Intel and Canadian Solar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and Canadian Solar
The main advantage of trading using opposite Intel and Canadian Solar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, Canadian Solar 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 Canadian Solar will offset losses from the drop in Canadian Solar's long position.| Intel vs. NVIDIA | Intel vs. Taiwan Semiconductor Manufacturing | Intel vs. Marvell Technology Group | Intel vs. Micron Technology |
| Canadian Solar vs. JinkoSolar Holding | Canadian Solar vs. First Solar | Canadian Solar vs. Complete Solaria, | Canadian Solar vs. SolarEdge Technologies |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Commodity Directory Find actively traded commodities issued by global exchanges |