Correlation Between SPTSX Dividend and Bluestone Resources
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Bluestone Resources, you can compare the effects of market volatilities on SPTSX Dividend and Bluestone Resources 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 Bluestone Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Bluestone Resources.
Diversification Opportunities for SPTSX Dividend and Bluestone Resources
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between SPTSX and Bluestone is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Bluestone Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bluestone Resources 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 Bluestone Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bluestone Resources has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Bluestone Resources go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Bluestone Resources
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 4.31 times less return on investment than Bluestone Resources. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 13.58 times less risky than Bluestone Resources. It trades about 0.07 of its potential returns per unit of risk. Bluestone Resources is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 50.00 in Bluestone Resources on August 29, 2024 and sell it today you would lose (19.00) from holding Bluestone Resources or give up 38.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.6% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Bluestone Resources
Performance |
| Timeline |
SPTSX Dividend and Bluestone Resources Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Bluestone Resources
Pair trading matchups for Bluestone Resources
Pair Trading with SPTSX Dividend and Bluestone Resources
The main advantage of trading using opposite SPTSX Dividend and Bluestone Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Bluestone Resources 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 Bluestone Resources will offset losses from the drop in Bluestone Resources' long position.| SPTSX Dividend vs. Thunderbird Entertainment Group | SPTSX Dividend vs. Firan Technology Group | SPTSX Dividend vs. Computer Modelling Group | SPTSX Dividend vs. Northstar Clean Technologies |
| Bluestone Resources vs. First Majestic Silver | Bluestone Resources vs. Ivanhoe Energy | Bluestone Resources vs. Orezone Gold Corp | Bluestone Resources vs. Faraday Copper Corp |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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