Correlation Between SPTSX Dividend and PROCTER GAMBLE
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and PROCTER GAMBLE CDR, you can compare the effects of market volatilities on SPTSX Dividend and PROCTER GAMBLE 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 PROCTER GAMBLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and PROCTER GAMBLE.
Diversification Opportunities for SPTSX Dividend and PROCTER GAMBLE
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SPTSX and PROCTER is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and PROCTER GAMBLE CDR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PROCTER GAMBLE CDR 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 PROCTER GAMBLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PROCTER GAMBLE CDR has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and PROCTER GAMBLE go up and down completely randomly.
Pair Corralation between SPTSX Dividend and PROCTER GAMBLE
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 3.19 times less return on investment than PROCTER GAMBLE. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 2.42 times less risky than PROCTER GAMBLE. It trades about 0.23 of its potential returns per unit of risk. PROCTER GAMBLE CDR is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 2,850 in PROCTER GAMBLE CDR on August 31, 2024 and sell it today you would earn a total of 222.00 from holding PROCTER GAMBLE CDR or generate 7.79% 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. PROCTER GAMBLE CDR
Performance |
| Timeline |
SPTSX Dividend and PROCTER GAMBLE Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
PROCTER GAMBLE CDR
Pair trading matchups for PROCTER GAMBLE
Pair Trading with SPTSX Dividend and PROCTER GAMBLE
The main advantage of trading using opposite SPTSX Dividend and PROCTER GAMBLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, PROCTER GAMBLE 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 PROCTER GAMBLE will offset losses from the drop in PROCTER GAMBLE's long position.| SPTSX Dividend vs. Canadian Imperial Bank | SPTSX Dividend vs. Renoworks Software | SPTSX Dividend vs. CI Financial Corp | SPTSX Dividend vs. CVW CleanTech |
| PROCTER GAMBLE vs. Questor Technology | PROCTER GAMBLE vs. Profound Medical Corp | PROCTER GAMBLE vs. Cogeco Communications | PROCTER GAMBLE vs. Constellation Software |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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