Correlation Between SPTSX Dividend and Goodfellow
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Goodfellow, you can compare the effects of market volatilities on SPTSX Dividend and Goodfellow 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 Goodfellow. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Goodfellow.
Diversification Opportunities for SPTSX Dividend and Goodfellow
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between SPTSX and Goodfellow is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Goodfellow in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goodfellow 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 Goodfellow. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goodfellow has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Goodfellow go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Goodfellow
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 0.34 times more return on investment than Goodfellow. However, SPTSX Dividend Aristocrats is 2.96 times less risky than Goodfellow. It trades about 0.15 of its potential returns per unit of risk. Goodfellow is currently generating about 0.04 per unit of risk. If you would invest 36,732 in SPTSX Dividend Aristocrats on August 29, 2024 and sell it today you would earn a total of 558.00 from holding SPTSX Dividend Aristocrats or generate 1.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Goodfellow
Performance |
| Timeline |
SPTSX Dividend and Goodfellow Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Goodfellow
Pair trading matchups for Goodfellow
Pair Trading with SPTSX Dividend and Goodfellow
The main advantage of trading using opposite SPTSX Dividend and Goodfellow positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Goodfellow 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 Goodfellow will offset losses from the drop in Goodfellow's long position.| SPTSX Dividend vs. High Liner Foods | SPTSX Dividend vs. TUT Fitness Group | SPTSX Dividend vs. MTY Food Group | SPTSX Dividend vs. UnitedHealth Group CDR |
| Goodfellow vs. Algoma Central | Goodfellow vs. Taiga Building Products | Goodfellow vs. Conifex Timber | Goodfellow vs. Acadian Timber 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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