Correlation Between SPTSX Dividend and CI Gold
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and CI Gold Giants, you can compare the effects of market volatilities on SPTSX Dividend and CI Gold 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 CI Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and CI Gold.
Diversification Opportunities for SPTSX Dividend and CI Gold
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SPTSX and CGXF is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and CI Gold Giants in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Gold Giants 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 CI Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Gold Giants has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and CI Gold go up and down completely randomly.
Pair Corralation between SPTSX Dividend and CI Gold
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to under-perform the CI Gold. But the index apears to be less risky and, when comparing its historical volatility, SPTSX Dividend Aristocrats is 2.42 times less risky than CI Gold. The index trades about -0.04 of its potential returns per unit of risk. The CI Gold Giants is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest 1,113 in CI Gold Giants on November 28, 2024 and sell it today you would earn a total of 89.00 from holding CI Gold Giants or generate 8.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. CI Gold Giants
Performance |
| Timeline |
SPTSX Dividend and CI Gold Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
CI Gold Giants
Pair trading matchups for CI Gold
Pair Trading with SPTSX Dividend and CI Gold
The main advantage of trading using opposite SPTSX Dividend and CI Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, CI Gold 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 CI Gold will offset losses from the drop in CI Gold's long position.| SPTSX Dividend vs. CVW CleanTech | SPTSX Dividend vs. GoldQuest Mining Corp | SPTSX Dividend vs. Pace Metals | SPTSX Dividend vs. Americas Silver Corp |
| CI Gold vs. First Asset Energy | CI Gold vs. First Asset Tech | CI Gold vs. Harvest Equal Weight | CI Gold vs. CI Canada Lifeco |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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