Correlation Between Enbridge and Enbridge H
Specify exactly 2 symbols:
By analyzing existing cross correlation between Enbridge Pref Series and Enbridge H Cum, you can compare the effects of market volatilities on Enbridge and Enbridge H 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 with a short position of Enbridge H. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enbridge and Enbridge H.
Diversification Opportunities for Enbridge and Enbridge H
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Enbridge and Enbridge is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Enbridge Pref Series and Enbridge H Cum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enbridge H Cum and Enbridge 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 Series are associated (or correlated) with Enbridge H. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enbridge H Cum has no effect on the direction of Enbridge i.e., Enbridge and Enbridge H go up and down completely randomly.
Pair Corralation between Enbridge and Enbridge H
If you would invest (100.00) in Enbridge H Cum on December 10, 2024 and sell it today you would earn a total of 100.00 from holding Enbridge H Cum or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 0.0% |
| Values | Daily Returns |
Enbridge Pref Series vs. Enbridge H Cum
Performance |
| Timeline |
| Enbridge Pref Series |
| Enbridge H Cum |
Risk-Adjusted Performance
Good
Weak | Strong |
Enbridge and Enbridge H Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enbridge and Enbridge H
The main advantage of trading using opposite Enbridge and Enbridge H positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enbridge position performs unexpectedly, Enbridge H 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 H will offset losses from the drop in Enbridge H's long position.| Enbridge vs. Pembina Pipeline Corp | Enbridge vs. Emera Inc | Enbridge vs. Enbridge Pref 13 | Enbridge vs. Enbridge Pref 15 |
| Enbridge H vs. Wilmington Capital Management | Enbridge H vs. TUT Fitness Group | Enbridge H vs. Mako Mining Corp | Enbridge H vs. Brookfield Asset Management |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |