Correlation Between Alignvest Acquisition and Canaccord Genuity
Can any of the company-specific risk be diversified away by investing in both Alignvest Acquisition and Canaccord Genuity 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 Alignvest Acquisition and Canaccord Genuity into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Alignvest Acquisition II and Canaccord Genuity Group, you can compare the effects of market volatilities on Alignvest Acquisition and Canaccord Genuity 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 Alignvest Acquisition with a short position of Canaccord Genuity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alignvest Acquisition and Canaccord Genuity.
Diversification Opportunities for Alignvest Acquisition and Canaccord Genuity
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Alignvest and Canaccord is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Alignvest Acquisition II and Canaccord Genuity Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canaccord Genuity and Alignvest Acquisition 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 Alignvest Acquisition II are associated (or correlated) with Canaccord Genuity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canaccord Genuity has no effect on the direction of Alignvest Acquisition i.e., Alignvest Acquisition and Canaccord Genuity go up and down completely randomly.
Pair Corralation between Alignvest Acquisition and Canaccord Genuity
Assuming the 90 days trading horizon Alignvest Acquisition II is expected to under-perform the Canaccord Genuity. But the stock apears to be less risky and, when comparing its historical volatility, Alignvest Acquisition II is 1.36 times less risky than Canaccord Genuity. The stock trades about -0.05 of its potential returns per unit of risk. The Canaccord Genuity Group is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,110 in Canaccord Genuity Group on August 20, 2025 and sell it today you would earn a total of 4.00 from holding Canaccord Genuity Group or generate 0.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Alignvest Acquisition II vs. Canaccord Genuity Group
Performance |
| Timeline |
| Alignvest Acquisition |
| Canaccord Genuity |
Alignvest Acquisition and Canaccord Genuity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alignvest Acquisition and Canaccord Genuity
The main advantage of trading using opposite Alignvest Acquisition and Canaccord Genuity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alignvest Acquisition position performs unexpectedly, Canaccord Genuity 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 Canaccord Genuity will offset losses from the drop in Canaccord Genuity's long position.| Alignvest Acquisition vs. Canaccord Genuity Group | Alignvest Acquisition vs. Clairvest Group | Alignvest Acquisition vs. Propel Holdings | Alignvest Acquisition vs. AGF Management Limited |
| Canaccord Genuity vs. Propel Holdings | Canaccord Genuity vs. Clairvest Group | Canaccord Genuity vs. Canadian General Investments | Canaccord Genuity vs. Dividend 15 Split |
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 AI Portfolio Prophet module to use AI to generate optimal portfolios and find profitable investment opportunities.
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