Correlation Between SPTSX Dividend and Newmont Goldcorp
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Newmont Goldcorp Corp, you can compare the effects of market volatilities on SPTSX Dividend and Newmont Goldcorp 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 Newmont Goldcorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Newmont Goldcorp.
Diversification Opportunities for SPTSX Dividend and Newmont Goldcorp
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between SPTSX and Newmont is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Newmont Goldcorp Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Newmont Goldcorp Corp 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 Newmont Goldcorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Newmont Goldcorp Corp has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Newmont Goldcorp go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Newmont Goldcorp
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 0.3 times more return on investment than Newmont Goldcorp. However, SPTSX Dividend Aristocrats is 3.29 times less risky than Newmont Goldcorp. It trades about 0.09 of its potential returns per unit of risk. Newmont Goldcorp Corp is currently generating about 0.02 per unit of risk. If you would invest 30,645 in SPTSX Dividend Aristocrats on September 12, 2024 and sell it today you would earn a total of 6,582 from holding SPTSX Dividend Aristocrats or generate 21.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.43% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Newmont Goldcorp Corp
Performance |
| Timeline |
SPTSX Dividend and Newmont Goldcorp Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Newmont Goldcorp Corp
Pair trading matchups for Newmont Goldcorp
Pair Trading with SPTSX Dividend and Newmont Goldcorp
The main advantage of trading using opposite SPTSX Dividend and Newmont Goldcorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Newmont Goldcorp 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 Newmont Goldcorp will offset losses from the drop in Newmont Goldcorp's long position.| SPTSX Dividend vs. Boat Rocker Media | SPTSX Dividend vs. Bausch Health Companies | SPTSX Dividend vs. Cogeco Communications | SPTSX Dividend vs. WELL Health Technologies |
| Newmont Goldcorp vs. Wheaton Precious Metals | Newmont Goldcorp vs. Agnico Eagle Mines | Newmont Goldcorp vs. Pan American Silver | Newmont Goldcorp vs. Franco Nevada |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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