Correlation Between SPTSX Dividend and Enerflex
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Enerflex, you can compare the effects of market volatilities on SPTSX Dividend and Enerflex 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 Enerflex. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Enerflex.
Diversification Opportunities for SPTSX Dividend and Enerflex
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SPTSX and Enerflex is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Enerflex in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enerflex 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 Enerflex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enerflex has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Enerflex go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Enerflex
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 0.3 times more return on investment than Enerflex. However, SPTSX Dividend Aristocrats is 3.36 times less risky than Enerflex. It trades about -0.03 of its potential returns per unit of risk. Enerflex is currently generating about -0.33 per unit of risk. If you would invest 35,833 in SPTSX Dividend Aristocrats on November 18, 2024 and sell it today you would lose (149.00) from holding SPTSX Dividend Aristocrats or give up 0.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Enerflex
Performance |
| Timeline |
SPTSX Dividend and Enerflex Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Enerflex
Pair trading matchups for Enerflex
Pair Trading with SPTSX Dividend and Enerflex
The main advantage of trading using opposite SPTSX Dividend and Enerflex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Enerflex 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 Enerflex will offset losses from the drop in Enerflex's long position.| SPTSX Dividend vs. Quipt Home Medical | SPTSX Dividend vs. Arizona Metals Corp | SPTSX Dividend vs. Titan Mining Corp | SPTSX Dividend vs. Metalero Mining Corp |
| Enerflex vs. Richelieu Hardware | Enerflex vs. Primaris Retail RE | Enerflex vs. Titanium Transportation Group | Enerflex vs. Stampede Drilling |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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