Correlation Between METALIETF and Can Fin
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By analyzing existing cross correlation between METALIETF and Can Fin Homes, you can compare the effects of market volatilities on METALIETF and Can Fin 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 METALIETF with a short position of Can Fin. Check out your portfolio center. Please also check ongoing floating volatility patterns of METALIETF and Can Fin.
Diversification Opportunities for METALIETF and Can Fin
Very poor diversification
The 3 months correlation between METALIETF and Can is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding METALIETF and Can Fin Homes in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Can Fin Homes and METALIETF 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 METALIETF are associated (or correlated) with Can Fin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Can Fin Homes has no effect on the direction of METALIETF i.e., METALIETF and Can Fin go up and down completely randomly.
Pair Corralation between METALIETF and Can Fin
Assuming the 90 days trading horizon METALIETF is expected to generate 1.51 times less return on investment than Can Fin. But when comparing it to its historical volatility, METALIETF is 1.55 times less risky than Can Fin. It trades about 0.16 of its potential returns per unit of risk. Can Fin Homes is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 77,000 in Can Fin Homes on August 22, 2025 and sell it today you would earn a total of 12,030 from holding Can Fin Homes or generate 15.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.24% |
| Values | Daily Returns |
METALIETF vs. Can Fin Homes
Performance |
| Timeline |
| METALIETF |
| Can Fin Homes |
METALIETF and Can Fin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with METALIETF and Can Fin
The main advantage of trading using opposite METALIETF and Can Fin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if METALIETF position performs unexpectedly, Can Fin 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 Can Fin will offset losses from the drop in Can Fin's long position.| METALIETF vs. Credo Brands Marketing | METALIETF vs. Kohinoor Foods Limited | METALIETF vs. Spencers Retail Limited | METALIETF vs. Megastar Foods Limited |
| Can Fin vs. Hisar Metal Industries | Can Fin vs. METALIETF | Can Fin vs. 21st Century Management | Can Fin vs. Associated Alcohols Breweries |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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