Correlation Between Hamilton Energy and RBC Quant
Can any of the company-specific risk be diversified away by investing in both Hamilton Energy and RBC Quant at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Hamilton Energy and RBC Quant into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hamilton Energy YIELD and RBC Quant EAFE, you can compare the effects of market volatilities on Hamilton Energy and RBC Quant 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 Hamilton Energy with a short position of RBC Quant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hamilton Energy and RBC Quant.
Diversification Opportunities for Hamilton Energy and RBC Quant
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Hamilton and RBC is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Hamilton Energy YIELD and RBC Quant EAFE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RBC Quant EAFE and Hamilton Energy 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 Hamilton Energy YIELD are associated (or correlated) with RBC Quant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RBC Quant EAFE has no effect on the direction of Hamilton Energy i.e., Hamilton Energy and RBC Quant go up and down completely randomly.
Pair Corralation between Hamilton Energy and RBC Quant
Assuming the 90 days trading horizon Hamilton Energy is expected to generate 1.86 times less return on investment than RBC Quant. In addition to that, Hamilton Energy is 1.52 times more volatile than RBC Quant EAFE. It trades about 0.06 of its total potential returns per unit of risk. RBC Quant EAFE is currently generating about 0.17 per unit of volatility. If you would invest 3,006 in RBC Quant EAFE on September 29, 2025 and sell it today you would earn a total of 487.00 from holding RBC Quant EAFE or generate 16.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hamilton Energy YIELD vs. RBC Quant EAFE
Performance |
| Timeline |
| Hamilton Energy YIELD |
| RBC Quant EAFE |
Hamilton Energy and RBC Quant Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hamilton Energy and RBC Quant
The main advantage of trading using opposite Hamilton Energy and RBC Quant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hamilton Energy position performs unexpectedly, RBC Quant 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 RBC Quant will offset losses from the drop in RBC Quant's long position.| Hamilton Energy vs. RBC Quant EAFE | Hamilton Energy vs. First Asset Energy | Hamilton Energy vs. Global X SPTSX | Hamilton Energy vs. Global X SPTSX |
| RBC Quant vs. RBC Quant EAFE | RBC Quant vs. Purpose Enhanced Dividend | RBC Quant vs. Global X SPTSX | RBC Quant vs. RBC Quant Dividend |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |