Correlation Between Uniteds and Canaccord Genuity
Can any of the company-specific risk be diversified away by investing in both Uniteds 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 Uniteds and Canaccord Genuity into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Uniteds Limited and Canaccord Genuity Group, you can compare the effects of market volatilities on Uniteds 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 Uniteds with a short position of Canaccord Genuity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uniteds and Canaccord Genuity.
Diversification Opportunities for Uniteds and Canaccord Genuity
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Uniteds and Canaccord is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Uniteds Limited and Canaccord Genuity Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canaccord Genuity and Uniteds 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 Uniteds Limited 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 Uniteds i.e., Uniteds and Canaccord Genuity go up and down completely randomly.
Pair Corralation between Uniteds and Canaccord Genuity
Assuming the 90 days trading horizon Uniteds is expected to generate 1.3 times less return on investment than Canaccord Genuity. In addition to that, Uniteds is 1.71 times more volatile than Canaccord Genuity Group. It trades about 0.07 of its total potential returns per unit of risk. Canaccord Genuity Group is currently generating about 0.16 per unit of volatility. If you would invest 2,318 in Canaccord Genuity Group on July 27, 2025 and sell it today you would earn a total of 132.00 from holding Canaccord Genuity Group or generate 5.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Uniteds Limited vs. Canaccord Genuity Group
Performance |
| Timeline |
| Uniteds Limited |
| Canaccord Genuity |
Uniteds and Canaccord Genuity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uniteds and Canaccord Genuity
The main advantage of trading using opposite Uniteds and Canaccord Genuity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uniteds 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.| Uniteds vs. Guardian Capital Group | Uniteds vs. Guardian Capital Group | Uniteds vs. Cymbria | Uniteds vs. Canadian General Investments |
| Canaccord Genuity vs. Propel Holdings | Canaccord Genuity vs. Clairvest Group | Canaccord Genuity vs. Alignvest Acquisition II | Canaccord Genuity vs. MCAN Mortgage |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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