Correlation Between Aimia Srs and Canaccord Genuity

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Can any of the company-specific risk be diversified away by investing in both Aimia Srs 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 Aimia Srs and Canaccord Genuity into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aimia Srs 1 and Canaccord Genuity Group, you can compare the effects of market volatilities on Aimia Srs 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 Aimia Srs with a short position of Canaccord Genuity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aimia Srs and Canaccord Genuity.

Diversification Opportunities for Aimia Srs and Canaccord Genuity

0.79
  Correlation Coefficient

Poor diversification

The 3 months correlation between Aimia and Canaccord is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Aimia Srs 1 and Canaccord Genuity Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canaccord Genuity and Aimia Srs 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 Aimia Srs 1 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 Aimia Srs i.e., Aimia Srs and Canaccord Genuity go up and down completely randomly.

Pair Corralation between Aimia Srs and Canaccord Genuity

Assuming the 90 days trading horizon Aimia Srs 1 is expected to generate 2.17 times more return on investment than Canaccord Genuity. However, Aimia Srs is 2.17 times more volatile than Canaccord Genuity Group. It trades about 0.17 of its potential returns per unit of risk. Canaccord Genuity Group is currently generating about 0.22 per unit of risk. If you would invest  1,662  in Aimia Srs 1 on April 23, 2025 and sell it today you would earn a total of  298.00  from holding Aimia Srs 1 or generate 17.93% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Aimia Srs 1  vs.  Canaccord Genuity Group

 Performance 
       Timeline  
Aimia Srs 1 

Risk-Adjusted Performance

Good

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Aimia Srs 1 are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. Despite somewhat weak primary indicators, Aimia Srs sustained solid returns over the last few months and may actually be approaching a breakup point.
Canaccord Genuity 

Risk-Adjusted Performance

Solid

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in Canaccord Genuity Group are ranked lower than 17 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively abnormal basic indicators, Canaccord Genuity may actually be approaching a critical reversion point that can send shares even higher in August 2025.

Aimia Srs and Canaccord Genuity Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Aimia Srs and Canaccord Genuity

The main advantage of trading using opposite Aimia Srs and Canaccord Genuity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aimia Srs 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.
The idea behind Aimia Srs 1 and Canaccord Genuity Group pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.

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