Correlation Between Enbridge Pref and Computer Modelling
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By analyzing existing cross correlation between Enbridge Pref 15 and Computer Modelling Group, you can compare the effects of market volatilities on Enbridge Pref and Computer Modelling 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 Enbridge Pref with a short position of Computer Modelling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enbridge Pref and Computer Modelling.
Diversification Opportunities for Enbridge Pref and Computer Modelling
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Enbridge and Computer is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Enbridge Pref 15 and Computer Modelling Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Computer Modelling and Enbridge Pref 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 Enbridge Pref 15 are associated (or correlated) with Computer Modelling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Computer Modelling has no effect on the direction of Enbridge Pref i.e., Enbridge Pref and Computer Modelling go up and down completely randomly.
Pair Corralation between Enbridge Pref and Computer Modelling
Assuming the 90 days trading horizon Enbridge Pref is expected to generate 1.94 times less return on investment than Computer Modelling. But when comparing it to its historical volatility, Enbridge Pref 15 is 1.73 times less risky than Computer Modelling. It trades about 0.05 of its potential returns per unit of risk. Computer Modelling Group is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 585.00 in Computer Modelling Group on October 11, 2024 and sell it today you would earn a total of 464.00 from holding Computer Modelling Group or generate 79.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.37% |
| Values | Daily Returns |
Enbridge Pref 15 vs. Computer Modelling Group
Performance |
| Timeline |
| Enbridge Pref 15 |
| Computer Modelling |
Enbridge Pref and Computer Modelling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enbridge Pref and Computer Modelling
The main advantage of trading using opposite Enbridge Pref and Computer Modelling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enbridge Pref position performs unexpectedly, Computer Modelling 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 Computer Modelling will offset losses from the drop in Computer Modelling's long position.| Enbridge Pref vs. Computer Modelling Group | Enbridge Pref vs. Renoworks Software | Enbridge Pref vs. Canso Select Opportunities | Enbridge Pref vs. Sparx Technology |
| Computer Modelling vs. Pason Systems | Computer Modelling vs. Evertz Technologies Limited | Computer Modelling vs. Descartes Systems Group | Computer Modelling vs. Enerflex |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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