Correlation Between SPTSX Dividend and Cenovus Energy
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Cenovus Energy, you can compare the effects of market volatilities on SPTSX Dividend and Cenovus Energy 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 Cenovus Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Cenovus Energy.
Diversification Opportunities for SPTSX Dividend and Cenovus Energy
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SPTSX and Cenovus is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Cenovus Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cenovus Energy 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 Cenovus Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cenovus Energy has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Cenovus Energy go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Cenovus Energy
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 0.29 times more return on investment than Cenovus Energy. However, SPTSX Dividend Aristocrats is 3.5 times less risky than Cenovus Energy. It trades about 0.42 of its potential returns per unit of risk. Cenovus Energy is currently generating about -0.03 per unit of risk. If you would invest 36,294 in SPTSX Dividend Aristocrats on September 1, 2024 and sell it today you would earn a total of 1,277 from holding SPTSX Dividend Aristocrats or generate 3.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Cenovus Energy
Performance |
| Timeline |
SPTSX Dividend and Cenovus Energy Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Cenovus Energy
Pair trading matchups for Cenovus Energy
Pair Trading with SPTSX Dividend and Cenovus Energy
The main advantage of trading using opposite SPTSX Dividend and Cenovus Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Cenovus Energy 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 Cenovus Energy will offset losses from the drop in Cenovus Energy's long position.| SPTSX Dividend vs. Metalero Mining Corp | SPTSX Dividend vs. TUT Fitness Group | SPTSX Dividend vs. Dream Industrial Real | SPTSX Dividend vs. Nicola Mining |
| Cenovus Energy vs. Canadian Natural Resources | Cenovus Energy vs. Suncor Energy | Cenovus Energy vs. MEG Energy Corp | Cenovus Energy vs. Baytex Energy 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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