Correlation Between SPTSX Dividend and Fidelity High
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Fidelity High Quality, you can compare the effects of market volatilities on SPTSX Dividend and Fidelity High 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 High. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Fidelity High.
Diversification Opportunities for SPTSX Dividend and Fidelity High
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between SPTSX and Fidelity is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Fidelity High Quality in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity High Quality 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 High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity High Quality has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Fidelity High go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Fidelity High
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 1.12 times less return on investment than Fidelity High. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 1.35 times less risky than Fidelity High. It trades about 0.26 of its potential returns per unit of risk. Fidelity High Quality is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 5,447 in Fidelity High Quality on September 1, 2024 and sell it today you would earn a total of 1,164 from holding Fidelity High Quality or generate 21.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.22% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Fidelity High Quality
Performance |
| Timeline |
SPTSX Dividend and Fidelity High Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Fidelity High Quality
Pair trading matchups for Fidelity High
Pair Trading with SPTSX Dividend and Fidelity High
The main advantage of trading using opposite SPTSX Dividend and Fidelity High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Fidelity High 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 High will offset losses from the drop in Fidelity High's long position.| SPTSX Dividend vs. Metalero Mining Corp | SPTSX Dividend vs. TUT Fitness Group | SPTSX Dividend vs. Dream Industrial Real | SPTSX Dividend vs. Nicola Mining |
| Fidelity High vs. Fidelity International High | Fidelity High vs. Fidelity Canadian High | Fidelity High vs. Fidelity High Dividend | Fidelity High vs. Fidelity Canadian High |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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