Correlation Between SPTSX Dividend and Graphite One
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Graphite One, you can compare the effects of market volatilities on SPTSX Dividend and Graphite One 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 Graphite One. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Graphite One.
Diversification Opportunities for SPTSX Dividend and Graphite One
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SPTSX and Graphite is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Graphite One in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Graphite One 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 Graphite One. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Graphite One has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Graphite One go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Graphite One
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 0.15 times more return on investment than Graphite One. However, SPTSX Dividend Aristocrats is 6.47 times less risky than Graphite One. It trades about 0.21 of its potential returns per unit of risk. Graphite One is currently generating about -0.02 per unit of risk. If you would invest 36,606 in SPTSX Dividend Aristocrats on August 30, 2024 and sell it today you would earn a total of 763.00 from holding SPTSX Dividend Aristocrats or generate 2.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Graphite One
Performance |
| Timeline |
SPTSX Dividend and Graphite One Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Graphite One
Pair trading matchups for Graphite One
Pair Trading with SPTSX Dividend and Graphite One
The main advantage of trading using opposite SPTSX Dividend and Graphite One positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Graphite One 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 Graphite One will offset losses from the drop in Graphite One's long position.| SPTSX Dividend vs. Thunderbird Entertainment Group | SPTSX Dividend vs. Firan Technology Group | SPTSX Dividend vs. Computer Modelling Group | SPTSX Dividend vs. Northstar Clean Technologies |
| Graphite One vs. Northern Graphite | Graphite One vs. Mason Graphite | Graphite One vs. Focus Graphite | Graphite One vs. Canada Carbon |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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