Correlation Between PHN Multi and Canso Select
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By analyzing existing cross correlation between PHN Multi Style All Cap and Canso Select Opportunities, you can compare the effects of market volatilities on PHN Multi and Canso Select 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 PHN Multi with a short position of Canso Select. Check out your portfolio center. Please also check ongoing floating volatility patterns of PHN Multi and Canso Select.
Diversification Opportunities for PHN Multi and Canso Select
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between PHN and Canso is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding PHN Multi Style All Cap and Canso Select Opportunities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canso Select Opportu and PHN Multi 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 PHN Multi Style All Cap are associated (or correlated) with Canso Select. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canso Select Opportu has no effect on the direction of PHN Multi i.e., PHN Multi and Canso Select go up and down completely randomly.
Pair Corralation between PHN Multi and Canso Select
Assuming the 90 days trading horizon PHN Multi Style All Cap is expected to generate 0.28 times more return on investment than Canso Select. However, PHN Multi Style All Cap is 3.6 times less risky than Canso Select. It trades about 0.1 of its potential returns per unit of risk. Canso Select Opportunities is currently generating about 0.02 per unit of risk. If you would invest 1,970 in PHN Multi Style All Cap on August 31, 2024 and sell it today you would earn a total of 913.00 from holding PHN Multi Style All Cap or generate 46.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
PHN Multi Style All Cap vs. Canso Select Opportunities
Performance |
| Timeline |
| PHN Multi Style |
| Canso Select Opportu |
PHN Multi and Canso Select Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PHN Multi and Canso Select
The main advantage of trading using opposite PHN Multi and Canso Select positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PHN Multi position performs unexpectedly, Canso Select 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 Canso Select will offset losses from the drop in Canso Select's long position.| PHN Multi vs. TD Index Fund | PHN Multi vs. BMO Aggregate Bond | PHN Multi vs. iShares Canadian HYBrid | PHN Multi vs. Brompton European Dividend |
| Canso Select vs. iShares Canadian HYBrid | Canso Select vs. Brompton European Dividend | Canso Select vs. Solar Alliance Energy | Canso Select vs. PHN Multi Style All Cap |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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