Correlation Between Cogeco Communications and PHN Multi
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By analyzing existing cross correlation between Cogeco Communications and PHN Multi Style All Cap, you can compare the effects of market volatilities on Cogeco Communications and PHN Multi 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 Cogeco Communications with a short position of PHN Multi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cogeco Communications and PHN Multi.
Diversification Opportunities for Cogeco Communications and PHN Multi
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cogeco and PHN is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Cogeco Communications and PHN Multi Style All Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHN Multi Style and Cogeco Communications 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 Cogeco Communications are associated (or correlated) with PHN Multi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHN Multi Style has no effect on the direction of Cogeco Communications i.e., Cogeco Communications and PHN Multi go up and down completely randomly.
Pair Corralation between Cogeco Communications and PHN Multi
Assuming the 90 days trading horizon Cogeco Communications is expected to generate 1.88 times less return on investment than PHN Multi. In addition to that, Cogeco Communications is 1.98 times more volatile than PHN Multi Style All Cap. It trades about 0.03 of its total potential returns per unit of risk. PHN Multi Style All Cap is currently generating about 0.12 per unit of volatility. If you would invest 2,055 in PHN Multi Style All Cap on August 31, 2024 and sell it today you would earn a total of 828.00 from holding PHN Multi Style All Cap or generate 40.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.73% |
| Values | Daily Returns |
Cogeco Communications vs. PHN Multi Style All Cap
Performance |
| Timeline |
| Cogeco Communications |
| PHN Multi Style |
Cogeco Communications and PHN Multi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cogeco Communications and PHN Multi
The main advantage of trading using opposite Cogeco Communications and PHN Multi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cogeco Communications position performs unexpectedly, PHN Multi 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 PHN Multi will offset losses from the drop in PHN Multi's long position.| Cogeco Communications vs. Cielo Waste Solutions | Cogeco Communications vs. Eros Resources Corp | Cogeco Communications vs. Forstrong Global Income | Cogeco Communications vs. iShares Canadian HYBrid |
| PHN Multi vs. BMO Aggregate Bond | PHN Multi vs. iShares Canadian HYBrid | PHN Multi vs. Brompton European Dividend | PHN Multi vs. Solar Alliance Energy |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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