Correlation Between SPTSX Dividend and FPX Nickel
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and FPX Nickel Corp, you can compare the effects of market volatilities on SPTSX Dividend and FPX Nickel 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 FPX Nickel. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and FPX Nickel.
Diversification Opportunities for SPTSX Dividend and FPX Nickel
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between SPTSX and FPX is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and FPX Nickel Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FPX Nickel Corp 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 FPX Nickel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FPX Nickel Corp has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and FPX Nickel go up and down completely randomly.
Pair Corralation between SPTSX Dividend and FPX Nickel
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 0.14 times more return on investment than FPX Nickel. However, SPTSX Dividend Aristocrats is 7.32 times less risky than FPX Nickel. It trades about 0.17 of its potential returns per unit of risk. FPX Nickel Corp is currently generating about -0.08 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 | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. FPX Nickel Corp
Performance |
| Timeline |
SPTSX Dividend and FPX Nickel Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
FPX Nickel Corp
Pair trading matchups for FPX Nickel
Pair Trading with SPTSX Dividend and FPX Nickel
The main advantage of trading using opposite SPTSX Dividend and FPX Nickel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, FPX Nickel 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 FPX Nickel will offset losses from the drop in FPX Nickel's long position.| SPTSX Dividend vs. Contagious Gaming | SPTSX Dividend vs. Gamehost | SPTSX Dividend vs. Ramp Metals | SPTSX Dividend vs. Air Canada |
| FPX Nickel vs. First Majestic Silver | FPX Nickel vs. Ivanhoe Energy | FPX Nickel vs. Orezone Gold Corp | FPX Nickel vs. Faraday Copper Corp |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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