Correlation Between SPTSX Dividend and Hamilton Global
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Hamilton Global Financials, you can compare the effects of market volatilities on SPTSX Dividend and Hamilton Global 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 Hamilton Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Hamilton Global.
Diversification Opportunities for SPTSX Dividend and Hamilton Global
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SPTSX and Hamilton is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Hamilton Global Financials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hamilton Global Fina 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 Hamilton Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hamilton Global Fina has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Hamilton Global go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Hamilton Global
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 2.56 times less return on investment than Hamilton Global. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 1.42 times less risky than Hamilton Global. It trades about 0.08 of its potential returns per unit of risk. Hamilton Global Financials is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 2,249 in Hamilton Global Financials on December 4, 2024 and sell it today you would earn a total of 701.00 from holding Hamilton Global Financials or generate 31.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.19% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Hamilton Global Financials
Performance |
| Timeline |
SPTSX Dividend and Hamilton Global Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Hamilton Global Financials
Pair trading matchups for Hamilton Global
Pair Trading with SPTSX Dividend and Hamilton Global
The main advantage of trading using opposite SPTSX Dividend and Hamilton Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Hamilton Global 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 Hamilton Global will offset losses from the drop in Hamilton Global's long position.| SPTSX Dividend vs. Marimaca Copper Corp | SPTSX Dividend vs. Jamieson Wellness | SPTSX Dividend vs. GoldQuest Mining Corp | SPTSX Dividend vs. XXIX Metal Corp |
| Hamilton Global vs. Hamilton Canadian Bank | Hamilton Global vs. Hamilton Australian Bank | Hamilton Global vs. Hamilton Enhanced Canadian | Hamilton Global vs. Hamilton Mid Cap Financials |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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