Correlation Between SPTSX Dividend and Emera Srs
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Emera Srs C, you can compare the effects of market volatilities on SPTSX Dividend and Emera Srs 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 Emera Srs. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Emera Srs.
Diversification Opportunities for SPTSX Dividend and Emera Srs
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SPTSX and Emera is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Emera Srs C in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Emera Srs C 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 Emera Srs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Emera Srs C has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Emera Srs go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Emera Srs
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 12.1 times less return on investment than Emera Srs. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 1.42 times less risky than Emera Srs. It trades about 0.03 of its potential returns per unit of risk. Emera Srs C is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 2,230 in Emera Srs C on September 14, 2024 and sell it today you would earn a total of 71.00 from holding Emera Srs C or generate 3.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Emera Srs C
Performance |
| Timeline |
SPTSX Dividend and Emera Srs Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Emera Srs C
Pair trading matchups for Emera Srs
Pair Trading with SPTSX Dividend and Emera Srs
The main advantage of trading using opposite SPTSX Dividend and Emera Srs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Emera Srs 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 Emera Srs will offset losses from the drop in Emera Srs' long position.| SPTSX Dividend vs. Westshore Terminals Investment | SPTSX Dividend vs. NorthWest Healthcare Properties | SPTSX Dividend vs. Leveljump Healthcare Corp | SPTSX Dividend vs. Highwood Asset Management |
| Emera Srs vs. Gamehost | Emera Srs vs. Orbit Garant Drilling | Emera Srs vs. Altair Resources | Emera Srs vs. Quorum Information Technologies |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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