Correlation Between SPTSX Dividend and CI ONE
Specify exactly 2 symbols:
By analyzing existing cross correlation between SPTSX Dividend Aristocrats and CI ONE North, you can compare the effects of market volatilities on SPTSX Dividend and CI ONE 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 CI ONE. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and CI ONE.
Diversification Opportunities for SPTSX Dividend and CI ONE
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between SPTSX and ONEB is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and CI ONE North in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI ONE North 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 CI ONE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI ONE North has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and CI ONE go up and down completely randomly.
Pair Corralation between SPTSX Dividend and CI ONE
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 1.23 times less return on investment than CI ONE. In addition to that, SPTSX Dividend is 1.39 times more volatile than CI ONE North. It trades about 0.09 of its total potential returns per unit of risk. CI ONE North is currently generating about 0.16 per unit of volatility. If you would invest 4,933 in CI ONE North on September 13, 2024 and sell it today you would earn a total of 42.00 from holding CI ONE North or generate 0.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. CI ONE North
Performance |
| Timeline |
SPTSX Dividend and CI ONE Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
CI ONE North
Pair trading matchups for CI ONE
Pair Trading with SPTSX Dividend and CI ONE
The main advantage of trading using opposite SPTSX Dividend and CI ONE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, CI ONE 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 CI ONE will offset losses from the drop in CI ONE's long position.| SPTSX Dividend vs. Canadian Imperial Bank | SPTSX Dividend vs. National Bank of | SPTSX Dividend vs. Bank of Nova | SPTSX Dividend vs. VersaBank |
| CI ONE vs. CI ONE Global | CI ONE vs. CI Yield Enhanced | CI ONE vs. CI MidCap Dividend | CI ONE vs. CI Canadian Short Term |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |