Correlation Between SPTSX Dividend and Gran Tierra
Specify exactly 2 symbols:
By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Gran Tierra Energy, you can compare the effects of market volatilities on SPTSX Dividend and Gran Tierra 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 Gran Tierra. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Gran Tierra.
Diversification Opportunities for SPTSX Dividend and Gran Tierra
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SPTSX and Gran is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Gran Tierra Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gran Tierra Energy 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 Gran Tierra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gran Tierra Energy has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Gran Tierra go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Gran Tierra
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 2.85 times less return on investment than Gran Tierra. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 6.98 times less risky than Gran Tierra. It trades about 0.22 of its potential returns per unit of risk. Gran Tierra Energy is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 861.00 in Gran Tierra Energy on August 30, 2024 and sell it today you would earn a total of 86.00 from holding Gran Tierra Energy or generate 9.99% 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. Gran Tierra Energy
Performance |
| Timeline |
SPTSX Dividend and Gran Tierra Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Gran Tierra Energy
Pair trading matchups for Gran Tierra
Pair Trading with SPTSX Dividend and Gran Tierra
The main advantage of trading using opposite SPTSX Dividend and Gran Tierra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Gran Tierra 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 Gran Tierra will offset losses from the drop in Gran Tierra's long position.| SPTSX Dividend vs. Metalero Mining Corp | SPTSX Dividend vs. Marimaca Copper Corp | SPTSX Dividend vs. Network Media Group | SPTSX Dividend vs. Nicola Mining |
| Gran Tierra vs. NuVista Energy | Gran Tierra vs. Surge Energy | Gran Tierra vs. Birchcliff Energy | Gran Tierra vs. Kelt Exploration |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |