Correlation Between PHN Multi and Supremex
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By analyzing existing cross correlation between PHN Multi Style All Cap and Supremex, you can compare the effects of market volatilities on PHN Multi and Supremex 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 Supremex. Check out your portfolio center. Please also check ongoing floating volatility patterns of PHN Multi and Supremex.
Diversification Opportunities for PHN Multi and Supremex
Good diversification
The 3 months correlation between PHN and Supremex is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding PHN Multi Style All Cap and Supremex in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Supremex 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 Supremex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Supremex has no effect on the direction of PHN Multi i.e., PHN Multi and Supremex go up and down completely randomly.
Pair Corralation between PHN Multi and Supremex
Assuming the 90 days trading horizon PHN Multi Style All Cap is expected to generate 0.42 times more return on investment than Supremex. However, PHN Multi Style All Cap is 2.38 times less risky than Supremex. It trades about 0.24 of its potential returns per unit of risk. Supremex is currently generating about -0.02 per unit of risk. 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 | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
PHN Multi Style All Cap vs. Supremex
Performance |
| Timeline |
| PHN Multi Style |
| Supremex |
PHN Multi and Supremex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PHN Multi and Supremex
The main advantage of trading using opposite PHN Multi and Supremex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PHN Multi position performs unexpectedly, Supremex 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 Supremex will offset losses from the drop in Supremex'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 |
| Supremex vs. High Liner Foods | Supremex vs. Tree Island Steel | Supremex vs. Chesswood Group Limited | Supremex vs. Hammond Power Solutions |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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