Correlation Between SPTSX Dividend and Fidelity Advantage
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Fidelity Advantage Ether, you can compare the effects of market volatilities on SPTSX Dividend and Fidelity Advantage 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 Advantage. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Fidelity Advantage.
Diversification Opportunities for SPTSX Dividend and Fidelity Advantage
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between SPTSX and Fidelity is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Fidelity Advantage Ether in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Advantage Ether 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 Advantage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Advantage Ether has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Fidelity Advantage go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Fidelity Advantage
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 6.24 times less return on investment than Fidelity Advantage. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 11.33 times less risky than Fidelity Advantage. It trades about 0.13 of its potential returns per unit of risk. Fidelity Advantage Ether is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 3,882 in Fidelity Advantage Ether on September 14, 2024 and sell it today you would earn a total of 3,526 from holding Fidelity Advantage Ether or generate 90.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.2% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Fidelity Advantage Ether
Performance |
| Timeline |
SPTSX Dividend and Fidelity Advantage Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Fidelity Advantage Ether
Pair trading matchups for Fidelity Advantage
Pair Trading with SPTSX Dividend and Fidelity Advantage
The main advantage of trading using opposite SPTSX Dividend and Fidelity Advantage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Fidelity Advantage 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 Advantage will offset losses from the drop in Fidelity Advantage's 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 |
| Fidelity Advantage vs. 3iQ Bitcoin ETF | Fidelity Advantage vs. Purpose Bitcoin CAD | Fidelity Advantage vs. BMO Aggregate Bond | Fidelity Advantage vs. iShares Canadian HYBrid |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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