Correlation Between PHN Multi and Strategem Capital
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By analyzing existing cross correlation between PHN Multi Style All Cap and Strategem Capital Corp, you can compare the effects of market volatilities on PHN Multi and Strategem Capital 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 Strategem Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of PHN Multi and Strategem Capital.
Diversification Opportunities for PHN Multi and Strategem Capital
-0.92 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PHN and Strategem is -0.92. Overlapping area represents the amount of risk that can be diversified away by holding PHN Multi Style All Cap and Strategem Capital Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Strategem Capital Corp 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 Strategem Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Strategem Capital Corp has no effect on the direction of PHN Multi i.e., PHN Multi and Strategem Capital go up and down completely randomly.
Pair Corralation between PHN Multi and Strategem Capital
Assuming the 90 days trading horizon PHN Multi Style All Cap is expected to generate 0.2 times more return on investment than Strategem Capital. However, PHN Multi Style All Cap is 4.92 times less risky than Strategem Capital. It trades about 0.14 of its potential returns per unit of risk. Strategem Capital Corp is currently generating about -0.05 per unit of risk. If you would invest 2,495 in PHN Multi Style All Cap on September 2, 2024 and sell it today you would earn a total of 365.00 from holding PHN Multi Style All Cap or generate 14.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PHN Multi Style All Cap vs. Strategem Capital Corp
Performance |
| Timeline |
| PHN Multi Style |
| Strategem Capital Corp |
PHN Multi and Strategem Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PHN Multi and Strategem Capital
The main advantage of trading using opposite PHN Multi and Strategem Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PHN Multi position performs unexpectedly, Strategem Capital 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 Strategem Capital will offset losses from the drop in Strategem Capital's long position.| PHN Multi vs. PHN Canadian Equity | PHN Multi vs. Dynamic Global Fixed | PHN Multi vs. Mawer Global Equity |
| Strategem Capital vs. NovaGold Resources | Strategem Capital vs. HPQ Silicon Resources | Strategem Capital vs. Eastwood Bio Medical Canada | Strategem Capital vs. Diamond Fields Resources |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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