Correlation Between SPTSX Dividend and Aura Minerals
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Aura Minerals, you can compare the effects of market volatilities on SPTSX Dividend and Aura Minerals 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 Aura Minerals. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Aura Minerals.
Diversification Opportunities for SPTSX Dividend and Aura Minerals
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between SPTSX and Aura is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Aura Minerals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aura Minerals 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 Aura Minerals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aura Minerals has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Aura Minerals go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Aura Minerals
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 5.17 times less return on investment than Aura Minerals. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 4.88 times less risky than Aura Minerals. It trades about 0.16 of its potential returns per unit of risk. Aura Minerals is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 802.00 in Aura Minerals on August 25, 2024 and sell it today you would earn a total of 978.00 from holding Aura Minerals or generate 121.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 98.95% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Aura Minerals
Performance |
| Timeline |
SPTSX Dividend and Aura Minerals Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Aura Minerals
Pair trading matchups for Aura Minerals
Pair Trading with SPTSX Dividend and Aura Minerals
The main advantage of trading using opposite SPTSX Dividend and Aura Minerals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Aura Minerals 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 Aura Minerals will offset losses from the drop in Aura Minerals' long position.| SPTSX Dividend vs. Contagious Gaming | SPTSX Dividend vs. Gamehost | SPTSX Dividend vs. Ramp Metals | SPTSX Dividend vs. Air Canada |
| Aura Minerals vs. First Majestic Silver | Aura Minerals vs. Ivanhoe Energy | Aura Minerals vs. Orezone Gold Corp | Aura Minerals vs. Faraday Copper 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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