Correlation Between SPTSX Dividend and Mullen
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Mullen Group, you can compare the effects of market volatilities on SPTSX Dividend and Mullen 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 Mullen. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Mullen.
Diversification Opportunities for SPTSX Dividend and Mullen
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between SPTSX and Mullen is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Mullen Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mullen Group 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 Mullen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mullen Group has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Mullen go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Mullen
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 1.1 times less return on investment than Mullen. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 3.61 times less risky than Mullen. It trades about 0.37 of its potential returns per unit of risk. Mullen Group is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 1,394 in Mullen Group on September 2, 2024 and sell it today you would earn a total of 152.00 from holding Mullen Group or generate 10.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Mullen Group
Performance |
| Timeline |
SPTSX Dividend and Mullen Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Mullen Group
Pair trading matchups for Mullen
Pair Trading with SPTSX Dividend and Mullen
The main advantage of trading using opposite SPTSX Dividend and Mullen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Mullen 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 Mullen will offset losses from the drop in Mullen's long position.| SPTSX Dividend vs. Vizsla Silver Corp | SPTSX Dividend vs. Globex Mining Enterprises | SPTSX Dividend vs. Arizona Gold Silver | SPTSX Dividend vs. Renoworks Software |
| Mullen vs. Pason Systems | Mullen vs. Westshore Terminals Investment | Mullen vs. Superior Plus Corp | Mullen vs. Gibson Energy |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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