Correlation Between SPTSX Dividend and Maple Gold
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Maple Gold Mines, you can compare the effects of market volatilities on SPTSX Dividend and Maple Gold 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 Maple Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Maple Gold.
Diversification Opportunities for SPTSX Dividend and Maple Gold
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SPTSX and Maple is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Maple Gold Mines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maple Gold Mines 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 Maple Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maple Gold Mines has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Maple Gold go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Maple Gold
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to under-perform the Maple Gold. But the index apears to be less risky and, when comparing its historical volatility, SPTSX Dividend Aristocrats is 11.19 times less risky than Maple Gold. The index trades about -0.1 of its potential returns per unit of risk. The Maple Gold Mines is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 6.00 in Maple Gold Mines on November 27, 2024 and sell it today you would earn a total of 0.50 from holding Maple Gold Mines or generate 8.33% 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. Maple Gold Mines
Performance |
| Timeline |
SPTSX Dividend and Maple Gold Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Maple Gold Mines
Pair trading matchups for Maple Gold
Pair Trading with SPTSX Dividend and Maple Gold
The main advantage of trading using opposite SPTSX Dividend and Maple Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Maple Gold 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 Maple Gold will offset losses from the drop in Maple Gold's long position.| SPTSX Dividend vs. Postmedia Network Canada | SPTSX Dividend vs. Manulife Financial Corp | SPTSX Dividend vs. Thunderbird Entertainment Group | SPTSX Dividend vs. CI Financial Corp |
| Maple Gold vs. Liberty Gold Corp | Maple Gold vs. Cartier Resources | Maple Gold vs. Banyan Gold Corp | Maple Gold vs. Maritime Resources 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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