Correlation Between SPTSX Dividend and CIBC Global
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and CIBC Global Growth, you can compare the effects of market volatilities on SPTSX Dividend and CIBC Global 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 CIBC Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and CIBC Global.
Diversification Opportunities for SPTSX Dividend and CIBC Global
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between SPTSX and CIBC is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and CIBC Global Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CIBC Global Growth 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 CIBC Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CIBC Global Growth has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and CIBC Global go up and down completely randomly.
Pair Corralation between SPTSX Dividend and CIBC Global
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 1.17 times less return on investment than CIBC Global. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 1.09 times less risky than CIBC Global. It trades about 0.09 of its potential returns per unit of risk. CIBC Global Growth is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 2,409 in CIBC Global Growth on September 12, 2024 and sell it today you would earn a total of 695.00 from holding CIBC Global Growth or generate 28.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.47% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. CIBC Global Growth
Performance |
| Timeline |
SPTSX Dividend and CIBC Global Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
CIBC Global Growth
Pair trading matchups for CIBC Global
Pair Trading with SPTSX Dividend and CIBC Global
The main advantage of trading using opposite SPTSX Dividend and CIBC Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, CIBC Global 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 CIBC Global will offset losses from the drop in CIBC Global's long position.| SPTSX Dividend vs. Boat Rocker Media | SPTSX Dividend vs. Bausch Health Companies | SPTSX Dividend vs. Cogeco Communications | SPTSX Dividend vs. WELL Health Technologies |
| CIBC Global vs. Guardian i3 Global | CIBC Global vs. CI Global Real | CIBC Global vs. CI Enhanced Short | CIBC Global vs. BMO Aggregate Bond |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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