Correlation Between SPTSX Dividend and Hamilton Enhanced
Specify exactly 2 symbols:
By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Hamilton Enhanced Covered, you can compare the effects of market volatilities on SPTSX Dividend and Hamilton Enhanced 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 Enhanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Hamilton Enhanced.
Diversification Opportunities for SPTSX Dividend and Hamilton Enhanced
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between SPTSX and Hamilton is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Hamilton Enhanced Covered in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hamilton Enhanced Covered 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 Enhanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hamilton Enhanced Covered has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Hamilton Enhanced go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Hamilton Enhanced
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 1.93 times less return on investment than Hamilton Enhanced. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 1.32 times less risky than Hamilton Enhanced. It trades about 0.07 of its potential returns per unit of risk. Hamilton Enhanced Covered is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 959.00 in Hamilton Enhanced Covered on August 29, 2024 and sell it today you would earn a total of 475.00 from holding Hamilton Enhanced Covered or generate 49.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.6% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Hamilton Enhanced Covered
Performance |
| Timeline |
SPTSX Dividend and Hamilton Enhanced Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Hamilton Enhanced Covered
Pair trading matchups for Hamilton Enhanced
Pair Trading with SPTSX Dividend and Hamilton Enhanced
The main advantage of trading using opposite SPTSX Dividend and Hamilton Enhanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Hamilton Enhanced 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 Enhanced will offset losses from the drop in Hamilton Enhanced'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 |
| Hamilton Enhanced vs. Hamilton Enhanced Multi Sector | Hamilton Enhanced vs. Harvest Diversified Monthly | Hamilton Enhanced vs. Hamilton Canadian Financials | Hamilton Enhanced vs. Global Dividend Growth |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |