Correlation Between PHN Multi and Elixxer
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By analyzing existing cross correlation between PHN Multi Style All Cap and Elixxer, you can compare the effects of market volatilities on PHN Multi and Elixxer 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 Elixxer. Check out your portfolio center. Please also check ongoing floating volatility patterns of PHN Multi and Elixxer.
Diversification Opportunities for PHN Multi and Elixxer
Pay attention - limited upside
The 3 months correlation between PHN and Elixxer is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PHN Multi Style All Cap and Elixxer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elixxer 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 Elixxer. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elixxer has no effect on the direction of PHN Multi i.e., PHN Multi and Elixxer go up and down completely randomly.
Pair Corralation between PHN Multi and Elixxer
If you would invest 2,754 in PHN Multi Style All Cap on August 31, 2024 and sell it today you would earn a total of 129.00 from holding PHN Multi Style All Cap or generate 4.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
PHN Multi Style All Cap vs. Elixxer
Performance |
| Timeline |
| PHN Multi Style |
| Elixxer |
PHN Multi and Elixxer Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PHN Multi and Elixxer
The main advantage of trading using opposite PHN Multi and Elixxer positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PHN Multi position performs unexpectedly, Elixxer 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 Elixxer will offset losses from the drop in Elixxer's long position.| PHN Multi vs. BMO Aggregate Bond | PHN Multi vs. iShares Canadian HYBrid | PHN Multi vs. Brompton European Dividend | PHN Multi vs. Solar Alliance Energy |
| Elixxer vs. iShares Canadian HYBrid | Elixxer vs. Brompton European Dividend | Elixxer vs. Solar Alliance Energy | Elixxer 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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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