Correlation Between SPTSX Dividend and Accelerate Canadian
Specify exactly 2 symbols:
By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Accelerate Canadian Long, you can compare the effects of market volatilities on SPTSX Dividend and Accelerate Canadian 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 SPTSX Dividend with a short position of Accelerate Canadian. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Accelerate Canadian.
Diversification Opportunities for SPTSX Dividend and Accelerate Canadian
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SPTSX and Accelerate is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Accelerate Canadian Long in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accelerate Canadian Long and SPTSX Dividend 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 SPTSX Dividend Aristocrats are associated (or correlated) with Accelerate Canadian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accelerate Canadian Long has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Accelerate Canadian go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Accelerate Canadian
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to under-perform the Accelerate Canadian. But the index apears to be less risky and, when comparing its historical volatility, SPTSX Dividend Aristocrats is 1.15 times less risky than Accelerate Canadian. The index trades about -0.1 of its potential returns per unit of risk. The Accelerate Canadian Long is currently generating about -0.08 of returns per unit of risk over similar time horizon. If you would invest 2,723 in Accelerate Canadian Long on November 27, 2024 and sell it today you would lose (31.00) from holding Accelerate Canadian Long or give up 1.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Accelerate Canadian Long
Performance |
| Timeline |
SPTSX Dividend and Accelerate Canadian Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Accelerate Canadian Long
Pair trading matchups for Accelerate Canadian
Pair Trading with SPTSX Dividend and Accelerate Canadian
The main advantage of trading using opposite SPTSX Dividend and Accelerate Canadian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Accelerate Canadian 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 Accelerate Canadian will offset losses from the drop in Accelerate Canadian's long position.| SPTSX Dividend vs. Postmedia Network Canada | SPTSX Dividend vs. Manulife Financial Corp | SPTSX Dividend vs. Thunderbird Entertainment Group | SPTSX Dividend vs. CI Financial Corp |
| Accelerate Canadian vs. Accelerate Absolute Return | Accelerate Canadian vs. Accelerate Arbitrage | Accelerate Canadian vs. Accelerate OneChoice Alternative | Accelerate Canadian vs. First Trust AlphaDEX |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |