Correlation Between SPTSX Dividend and Fidelity International
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Fidelity International Value, you can compare the effects of market volatilities on SPTSX Dividend and Fidelity International 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 Fidelity International. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Fidelity International.
Diversification Opportunities for SPTSX Dividend and Fidelity International
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SPTSX and Fidelity is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Fidelity International Value in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity International 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 Fidelity International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity International has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Fidelity International go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Fidelity International
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 1.23 times less return on investment than Fidelity International. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 1.16 times less risky than Fidelity International. It trades about 0.07 of its potential returns per unit of risk. Fidelity International Value is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 2,593 in Fidelity International Value on August 29, 2024 and sell it today you would earn a total of 755.00 from holding Fidelity International Value or generate 29.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.6% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Fidelity International Value
Performance |
| Timeline |
SPTSX Dividend and Fidelity International Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Fidelity International Value
Pair trading matchups for Fidelity International
Pair Trading with SPTSX Dividend and Fidelity International
The main advantage of trading using opposite SPTSX Dividend and Fidelity International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Fidelity International 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 Fidelity International will offset losses from the drop in Fidelity International's long position.| SPTSX Dividend vs. Thunderbird Entertainment Group | SPTSX Dividend vs. Firan Technology Group | SPTSX Dividend vs. Computer Modelling Group | SPTSX Dividend vs. Northstar Clean Technologies |
| Fidelity International vs. BMO SP 500 | Fidelity International vs. BMO MSCI Emerging | Fidelity International vs. BMO Global Infrastructure | Fidelity International vs. BMO MSCI EAFE |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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