Correlation Between SPTSX Dividend and Eastern Platinum
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Eastern Platinum Limited, you can compare the effects of market volatilities on SPTSX Dividend and Eastern Platinum 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 Eastern Platinum. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Eastern Platinum.
Diversification Opportunities for SPTSX Dividend and Eastern Platinum
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SPTSX and Eastern is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Eastern Platinum Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastern Platinum 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 Eastern Platinum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastern Platinum has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Eastern Platinum go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Eastern Platinum
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 0.09 times more return on investment than Eastern Platinum. However, SPTSX Dividend Aristocrats is 11.31 times less risky than Eastern Platinum. It trades about 0.17 of its potential returns per unit of risk. Eastern Platinum Limited is currently generating about -0.06 per unit of risk. If you would invest 36,698 in SPTSX Dividend Aristocrats on August 25, 2024 and sell it today you would earn a total of 662.00 from holding SPTSX Dividend Aristocrats or generate 1.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Eastern Platinum Limited
Performance |
| Timeline |
SPTSX Dividend and Eastern Platinum Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Eastern Platinum Limited
Pair trading matchups for Eastern Platinum
Pair Trading with SPTSX Dividend and Eastern Platinum
The main advantage of trading using opposite SPTSX Dividend and Eastern Platinum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Eastern Platinum 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 Eastern Platinum will offset losses from the drop in Eastern Platinum's long position.| SPTSX Dividend vs. Contagious Gaming | SPTSX Dividend vs. Gamehost | SPTSX Dividend vs. Ramp Metals | SPTSX Dividend vs. Air Canada |
| Eastern Platinum vs. Platinum Group Metals | Eastern Platinum vs. Centamin PLC | Eastern Platinum vs. Entree Resources | Eastern Platinum vs. Aura Minerals |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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