Correlation Between Enbridge Pref and Enbridge Pref
Specify exactly 2 symbols:
By analyzing existing cross correlation between Enbridge Pref 5 and Enbridge Pref Series, you can compare the effects of market volatilities on Enbridge Pref and Enbridge Pref 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 Enbridge Pref. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enbridge Pref and Enbridge Pref.
Diversification Opportunities for Enbridge Pref and Enbridge Pref
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Enbridge and Enbridge is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Enbridge Pref 5 and Enbridge Pref Series in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enbridge Pref Series 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 Enbridge Pref. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enbridge Pref Series has no effect on the direction of Enbridge Pref i.e., Enbridge Pref and Enbridge Pref go up and down completely randomly.
Pair Corralation between Enbridge Pref and Enbridge Pref
Assuming the 90 days trading horizon Enbridge Pref 5 is expected to generate 0.52 times more return on investment than Enbridge Pref. However, Enbridge Pref 5 is 1.91 times less risky than Enbridge Pref. It trades about 0.08 of its potential returns per unit of risk. Enbridge Pref Series is currently generating about -0.07 per unit of risk. If you would invest 2,370 in Enbridge Pref 5 on September 22, 2024 and sell it today you would earn a total of 25.00 from holding Enbridge Pref 5 or generate 1.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 93.33% |
| Values | Daily Returns |
Enbridge Pref 5 vs. Enbridge Pref Series
Performance |
| Timeline |
| Enbridge Pref 5 |
| Enbridge Pref Series |
Enbridge Pref and Enbridge Pref Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enbridge Pref and Enbridge Pref
The main advantage of trading using opposite Enbridge Pref and Enbridge Pref positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enbridge Pref position performs unexpectedly, Enbridge Pref 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 Pref will offset losses from the drop in Enbridge Pref's long position.| Enbridge Pref vs. VIP Entertainment Technologies | Enbridge Pref vs. TGS Esports | Enbridge Pref vs. Quorum Information Technologies | Enbridge Pref vs. Postmedia Network Canada |
| Enbridge Pref vs. Pembina Pipeline Corp | Enbridge Pref vs. Emera Inc | Enbridge Pref vs. Enbridge Pref 13 | Enbridge Pref vs. Enbridge Pref 15 |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |