Correlation Between Enbridge Pref and East Side
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By analyzing existing cross correlation between Enbridge Pref 5 and East Side Games, you can compare the effects of market volatilities on Enbridge Pref and East Side 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 East Side. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enbridge Pref and East Side.
Diversification Opportunities for Enbridge Pref and East Side
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Enbridge and East is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Enbridge Pref 5 and East Side Games in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on East Side Games 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 5 are associated (or correlated) with East Side. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of East Side Games has no effect on the direction of Enbridge Pref i.e., Enbridge Pref and East Side go up and down completely randomly.
Pair Corralation between Enbridge Pref and East Side
Assuming the 90 days trading horizon Enbridge Pref 5 is expected to generate 0.39 times more return on investment than East Side. However, Enbridge Pref 5 is 2.54 times less risky than East Side. It trades about 0.04 of its potential returns per unit of risk. East Side Games is currently generating about 0.02 per unit of risk. If you would invest 1,723 in Enbridge Pref 5 on August 25, 2024 and sell it today you would earn a total of 677.00 from holding Enbridge Pref 5 or generate 39.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.79% |
| Values | Daily Returns |
Enbridge Pref 5 vs. East Side Games
Performance |
| Timeline |
| Enbridge Pref 5 |
| East Side Games |
Enbridge Pref and East Side Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enbridge Pref and East Side
The main advantage of trading using opposite Enbridge Pref and East Side positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enbridge Pref position performs unexpectedly, East Side 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 East Side will offset losses from the drop in East Side's long position.| Enbridge Pref vs. East Side Games | Enbridge Pref vs. Leons Furniture Limited | Enbridge Pref vs. AGF Management Limited | Enbridge Pref vs. Highwood Asset Management |
| East Side vs. Sangoma Technologies Corp | East Side vs. Vitalhub Corp | East Side vs. Propel Holdings | East Side vs. D2L Inc |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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