Correlation Between SPTSX Dividend and Eldorado Gold
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Eldorado Gold Corp, you can compare the effects of market volatilities on SPTSX Dividend and Eldorado 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 Eldorado Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Eldorado Gold.
Diversification Opportunities for SPTSX Dividend and Eldorado Gold
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between SPTSX and Eldorado is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Eldorado Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eldorado Gold Corp 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 Eldorado Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eldorado Gold Corp has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Eldorado Gold go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Eldorado Gold
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 0.15 times more return on investment than Eldorado Gold. However, SPTSX Dividend Aristocrats is 6.46 times less risky than Eldorado Gold. It trades about 0.17 of its potential returns per unit of risk. Eldorado Gold Corp is currently generating about -0.11 per unit of risk. If you would invest 36,732 in SPTSX Dividend Aristocrats on August 27, 2024 and sell it today you would earn a total of 628.00 from holding SPTSX Dividend Aristocrats or generate 1.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Eldorado Gold Corp
Performance |
| Timeline |
SPTSX Dividend and Eldorado Gold Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Eldorado Gold Corp
Pair trading matchups for Eldorado Gold
Pair Trading with SPTSX Dividend and Eldorado Gold
The main advantage of trading using opposite SPTSX Dividend and Eldorado Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Eldorado 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 Eldorado Gold will offset losses from the drop in Eldorado Gold's long position.| SPTSX Dividend vs. VIP Entertainment Technologies | SPTSX Dividend vs. Primaris Retail RE | SPTSX Dividend vs. SalesforceCom CDR | SPTSX Dividend vs. Contagious Gaming |
| Eldorado Gold vs. First Majestic Silver | Eldorado Gold vs. Ivanhoe Energy | Eldorado Gold vs. Orezone Gold 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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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