Correlation Between Aimia Srs and Canaccord Genuity
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 Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Aimia Srs 1 vs. Canaccord Genuity Group
Performance |
Timeline |
Aimia Srs 1 |
Canaccord Genuity |
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.Aimia Srs vs. Aimia Pref C | Aimia Srs vs. Canaccord Genuity Group | Aimia Srs vs. Canaccord Genuity Group | Aimia Srs vs. First National Financial |
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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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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