Correlation Between Canaccord Genuity and Bitfarms

Can any of the company-specific risk be diversified away by investing in both Canaccord Genuity and Bitfarms 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 Canaccord Genuity and Bitfarms into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Canaccord Genuity Group and Bitfarms, you can compare the effects of market volatilities on Canaccord Genuity and Bitfarms 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 Canaccord Genuity with a short position of Bitfarms. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canaccord Genuity and Bitfarms.

Diversification Opportunities for Canaccord Genuity and Bitfarms

0.0

Correlation Coefficient

Canaccord Genuity  Bitfarms

Pay attention - limited upside

The 3 months correlation between Canaccord and Bitfarms is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Canaccord Genuity Group and Bitfarms in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bitfarms and Canaccord Genuity 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 Canaccord Genuity Group are associated (or correlated) with Bitfarms. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfarms has no effect on the direction of Canaccord Genuity i.e., Canaccord Genuity and Bitfarms go up and down completely randomly.

Pair Corralation between Canaccord Genuity and Bitfarms

If you would invest  141.00  in Bitfarms on April 23, 2025 and sell it today you would earn a total of  16.00  from holding Bitfarms or generate 11.35% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	1.61%
Values	Daily Returns

Canaccord Genuity Group  vs.  Bitfarms

Canaccord Genuity

Risk-Adjusted Performance

Solid

Over the last 90 days Canaccord Genuity Group has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy basic indicators, Canaccord Genuity is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the investors.

Bitfarms

Risk-Adjusted Performance

Modest

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfarms are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. In spite of very weak basic indicators, Bitfarms displayed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Canaccord Genuity and Bitfarms

The main advantage of trading using opposite Canaccord Genuity and Bitfarms positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canaccord Genuity position performs unexpectedly, Bitfarms 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 Bitfarms will offset losses from the drop in Bitfarms' long position.

The idea behind Canaccord Genuity Group and Bitfarms 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.