Correlation Between Wealthsimple Shariah and COSCO SHIPPING
Can any of the company-specific risk be diversified away by investing in both Wealthsimple Shariah and COSCO SHIPPING 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 Wealthsimple Shariah and COSCO SHIPPING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Wealthsimple Shariah World and COSCO SHIPPING Holdings, you can compare the effects of market volatilities on Wealthsimple Shariah and COSCO SHIPPING 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 Wealthsimple Shariah with a short position of COSCO SHIPPING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wealthsimple Shariah and COSCO SHIPPING.
Diversification Opportunities for Wealthsimple Shariah and COSCO SHIPPING
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Wealthsimple and COSCO is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Wealthsimple Shariah World and COSCO SHIPPING Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COSCO SHIPPING Holdings and Wealthsimple Shariah 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 Wealthsimple Shariah World are associated (or correlated) with COSCO SHIPPING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COSCO SHIPPING Holdings has no effect on the direction of Wealthsimple Shariah i.e., Wealthsimple Shariah and COSCO SHIPPING go up and down completely randomly.
Pair Corralation between Wealthsimple Shariah and COSCO SHIPPING
Assuming the 90 days trading horizon Wealthsimple Shariah World is expected to under-perform the COSCO SHIPPING. But the etf apears to be less risky and, when comparing its historical volatility, Wealthsimple Shariah World is 3.58 times less risky than COSCO SHIPPING. The etf trades about -0.01 of its potential returns per unit of risk. The COSCO SHIPPING Holdings is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 883.00 in COSCO SHIPPING Holdings on August 22, 2025 and sell it today you would lose (9.00) from holding COSCO SHIPPING Holdings or give up 1.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wealthsimple Shariah World vs. COSCO SHIPPING Holdings
Performance |
| Timeline |
| Wealthsimple Shariah |
| COSCO SHIPPING Holdings |
Wealthsimple Shariah and COSCO SHIPPING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wealthsimple Shariah and COSCO SHIPPING
The main advantage of trading using opposite Wealthsimple Shariah and COSCO SHIPPING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wealthsimple Shariah position performs unexpectedly, COSCO SHIPPING 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 COSCO SHIPPING will offset losses from the drop in COSCO SHIPPING's long position.| Wealthsimple Shariah vs. Wealthsimple North America | Wealthsimple Shariah vs. Wealthsimple Developed Markets | Wealthsimple Shariah vs. Wealthsimple North American | Wealthsimple Shariah vs. NBI High Yield |
| COSCO SHIPPING vs. AP Mller | COSCO SHIPPING vs. Hapag Lloyd Aktiengesellschaft | COSCO SHIPPING vs. AP Moeller | COSCO SHIPPING vs. AP Moeller Maersk AS |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |