Correlation Between SPTSX Dividend and Guardian Capital
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Guardian Capital Group, you can compare the effects of market volatilities on SPTSX Dividend and Guardian Capital 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 Guardian Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Guardian Capital.
Diversification Opportunities for SPTSX Dividend and Guardian Capital
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SPTSX and Guardian is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Guardian Capital Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guardian Capital 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 Guardian Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guardian Capital has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Guardian Capital go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Guardian Capital
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 0.41 times more return on investment than Guardian Capital. However, SPTSX Dividend Aristocrats is 2.42 times less risky than Guardian Capital. It trades about 0.08 of its potential returns per unit of risk. Guardian Capital Group is currently generating about 0.03 per unit of risk. If you would invest 29,576 in SPTSX Dividend Aristocrats on September 12, 2024 and sell it today you would earn a total of 7,651 from holding SPTSX Dividend Aristocrats or generate 25.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.6% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Guardian Capital Group
Performance |
| Timeline |
SPTSX Dividend and Guardian Capital Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Guardian Capital Group
Pair trading matchups for Guardian Capital
Pair Trading with SPTSX Dividend and Guardian Capital
The main advantage of trading using opposite SPTSX Dividend and Guardian Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Guardian Capital 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 Guardian Capital will offset losses from the drop in Guardian Capital's long position.| SPTSX Dividend vs. Boat Rocker Media | SPTSX Dividend vs. Bausch Health Companies | SPTSX Dividend vs. Cogeco Communications | SPTSX Dividend vs. WELL Health Technologies |
| Guardian Capital vs. Guardian Capital Group | Guardian Capital vs. Andrew Peller Limited | Guardian Capital vs. K Bro Linen | Guardian Capital vs. AGF Management Limited |
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