Correlation Between Maple Leaf and Carespan Health
Can any of the company-specific risk be diversified away by investing in both Maple Leaf and Carespan Health 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 Maple Leaf and Carespan Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Maple Leaf Foods and Carespan Health, you can compare the effects of market volatilities on Maple Leaf and Carespan Health 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 Maple Leaf with a short position of Carespan Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maple Leaf and Carespan Health.
Diversification Opportunities for Maple Leaf and Carespan Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Maple and Carespan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Maple Leaf Foods and Carespan Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Carespan Health and Maple Leaf 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 Maple Leaf Foods are associated (or correlated) with Carespan Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Carespan Health has no effect on the direction of Maple Leaf i.e., Maple Leaf and Carespan Health go up and down completely randomly.
Pair Corralation between Maple Leaf and Carespan Health
If you would invest 2,445 in Maple Leaf Foods on April 25, 2025 and sell it today you would earn a total of 548.00 from holding Maple Leaf Foods or generate 22.41% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Maple Leaf Foods vs. Carespan Health
Performance |
Timeline |
Maple Leaf Foods |
Carespan Health |
Maple Leaf and Carespan Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Maple Leaf and Carespan Health
The main advantage of trading using opposite Maple Leaf and Carespan Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maple Leaf position performs unexpectedly, Carespan Health 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 Carespan Health will offset losses from the drop in Carespan Health's long position.Maple Leaf vs. Tincorp Metals | Maple Leaf vs. BMO Aggregate Bond | Maple Leaf vs. Brompton European Dividend | Maple Leaf vs. Solar Alliance Energy |
Carespan Health vs. Merit Medical Systems | Carespan Health vs. Perimeter Medical Imaging | Carespan Health vs. Tevano Systems Holdings | Carespan Health vs. Water Ways Technologies |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Analyst Advice Analyst recommendations and target price estimates broken down by several categories |