Correlation Between Enbridge Pref and Condor Energies
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By analyzing existing cross correlation between Enbridge Pref L and Condor Energies, you can compare the effects of market volatilities on Enbridge Pref and Condor Energies 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 Condor Energies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enbridge Pref and Condor Energies.
Diversification Opportunities for Enbridge Pref and Condor Energies
-0.83 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Enbridge and Condor is -0.83. Overlapping area represents the amount of risk that can be diversified away by holding Enbridge Pref L and Condor Energies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Condor Energies 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 L are associated (or correlated) with Condor Energies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Condor Energies has no effect on the direction of Enbridge Pref i.e., Enbridge Pref and Condor Energies go up and down completely randomly.
Pair Corralation between Enbridge Pref and Condor Energies
Assuming the 90 days trading horizon Enbridge Pref L is expected to generate 0.29 times more return on investment than Condor Energies. However, Enbridge Pref L is 3.45 times less risky than Condor Energies. It trades about 0.03 of its potential returns per unit of risk. Condor Energies is currently generating about -0.06 per unit of risk. If you would invest 2,260 in Enbridge Pref L on November 2, 2024 and sell it today you would earn a total of 7.00 from holding Enbridge Pref L or generate 0.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Enbridge Pref L vs. Condor Energies
Performance |
| Timeline |
| Enbridge Pref L |
| Condor Energies |
Enbridge Pref and Condor Energies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enbridge Pref and Condor Energies
The main advantage of trading using opposite Enbridge Pref and Condor Energies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enbridge Pref position performs unexpectedly, Condor Energies 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 Condor Energies will offset losses from the drop in Condor Energies' long position.| Enbridge Pref vs. Maple Peak Investments | Enbridge Pref vs. 2028 Investment Grade | Enbridge Pref vs. Brookfield Investments | Enbridge Pref vs. Thunderbird Entertainment Group |
| Condor Energies vs. Reliq Health Technologies | Condor Energies vs. Jamieson Wellness | Condor Energies vs. Canlan Ice Sports | Condor Energies vs. Brookfield Office Properties |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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