Correlation Between Starstream Entmt and Canna Consumer
Can any of the company-specific risk be diversified away by investing in both Starstream Entmt and Canna Consumer 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 Starstream Entmt and Canna Consumer into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Starstream Entmt and Canna Consumer Goods, you can compare the effects of market volatilities on Starstream Entmt and Canna Consumer 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 Starstream Entmt with a short position of Canna Consumer. Check out your portfolio center. Please also check ongoing floating volatility patterns of Starstream Entmt and Canna Consumer.
Diversification Opportunities for Starstream Entmt and Canna Consumer
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Starstream and Canna is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Starstream Entmt and Canna Consumer Goods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canna Consumer Goods and Starstream Entmt 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 Starstream Entmt are associated (or correlated) with Canna Consumer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canna Consumer Goods has no effect on the direction of Starstream Entmt i.e., Starstream Entmt and Canna Consumer go up and down completely randomly.
Pair Corralation between Starstream Entmt and Canna Consumer
Given the investment horizon of 90 days Starstream Entmt is expected to generate 1.33 times more return on investment than Canna Consumer. However, Starstream Entmt is 1.33 times more volatile than Canna Consumer Goods. It trades about 0.09 of its potential returns per unit of risk. Canna Consumer Goods is currently generating about -0.12 per unit of risk. If you would invest 0.40 in Starstream Entmt on August 28, 2025 and sell it today you would earn a total of 0.10 from holding Starstream Entmt or generate 25.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Starstream Entmt vs. Canna Consumer Goods
Performance |
| Timeline |
| Starstream Entmt |
| Canna Consumer Goods |
Starstream Entmt and Canna Consumer Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Starstream Entmt and Canna Consumer
The main advantage of trading using opposite Starstream Entmt and Canna Consumer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Starstream Entmt position performs unexpectedly, Canna Consumer 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 Canna Consumer will offset losses from the drop in Canna Consumer's long position.| Starstream Entmt vs. LPKF Laser Electronics | Starstream Entmt vs. United Industrial | Starstream Entmt vs. Perseus Mining Limited | Starstream Entmt vs. Barrick Mining |
| Canna Consumer vs. Cintas | Canna Consumer vs. Thomson Reuters | Canna Consumer vs. Wolters Kluwer NV | Canna Consumer vs. Wolters Kluwer NV |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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