Correlation Between CNJ Capital and Enbridge Pref
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By analyzing existing cross correlation between CNJ Capital Investments and Enbridge Pref 13, you can compare the effects of market volatilities on CNJ Capital and Enbridge Pref 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 CNJ Capital with a short position of Enbridge Pref. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNJ Capital and Enbridge Pref.
Diversification Opportunities for CNJ Capital and Enbridge Pref
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CNJ and Enbridge is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CNJ Capital Investments and Enbridge Pref 13 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enbridge Pref 13 and CNJ Capital 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 CNJ Capital Investments are associated (or correlated) with Enbridge Pref. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enbridge Pref 13 has no effect on the direction of CNJ Capital i.e., CNJ Capital and Enbridge Pref go up and down completely randomly.
Pair Corralation between CNJ Capital and Enbridge Pref
If you would invest 1,884 in Enbridge Pref 13 on October 13, 2024 and sell it today you would earn a total of 87.00 from holding Enbridge Pref 13 or generate 4.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
CNJ Capital Investments vs. Enbridge Pref 13
Performance |
| Timeline |
| CNJ Capital Investments |
| Enbridge Pref 13 |
CNJ Capital and Enbridge Pref Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNJ Capital and Enbridge Pref
The main advantage of trading using opposite CNJ Capital and Enbridge Pref positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNJ Capital position performs unexpectedly, Enbridge Pref 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 Enbridge Pref will offset losses from the drop in Enbridge Pref's long position.| CNJ Capital vs. Richelieu Hardware | CNJ Capital vs. South Pacific Metals | CNJ Capital vs. AKITA Drilling | CNJ Capital vs. Major Drilling Group |
| Enbridge Pref vs. Hampton Financial Corp | Enbridge Pref vs. Olympia Financial Group | Enbridge Pref vs. CNJ Capital Investments | Enbridge Pref vs. Financial 15 Split |
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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