Correlation Between SPTSX Dividend and Postmedia Network
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Postmedia Network Canada, you can compare the effects of market volatilities on SPTSX Dividend and Postmedia Network 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 Postmedia Network. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Postmedia Network.
Diversification Opportunities for SPTSX Dividend and Postmedia Network
-0.79 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SPTSX and Postmedia is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Postmedia Network Canada in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Postmedia Network Canada 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 Postmedia Network. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Postmedia Network Canada has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Postmedia Network go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Postmedia Network
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 0.19 times more return on investment than Postmedia Network. However, SPTSX Dividend Aristocrats is 5.36 times less risky than Postmedia Network. It trades about 0.17 of its potential returns per unit of risk. Postmedia Network Canada is currently generating about -0.22 per unit of risk. If you would invest 36,732 in SPTSX Dividend Aristocrats on August 29, 2024 and sell it today you would earn a total of 637.00 from holding SPTSX Dividend Aristocrats or generate 1.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Postmedia Network Canada
Performance |
| Timeline |
SPTSX Dividend and Postmedia Network Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Postmedia Network Canada
Pair trading matchups for Postmedia Network
Pair Trading with SPTSX Dividend and Postmedia Network
The main advantage of trading using opposite SPTSX Dividend and Postmedia Network positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Postmedia Network 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 Postmedia Network will offset losses from the drop in Postmedia Network's long position.| SPTSX Dividend vs. Thunderbird Entertainment Group | SPTSX Dividend vs. Firan Technology Group | SPTSX Dividend vs. Computer Modelling Group | SPTSX Dividend vs. Northstar Clean Technologies |
| Postmedia Network vs. NeXGold Mining Corp | Postmedia Network vs. Renoworks Software | Postmedia Network vs. Millennium Silver Corp | Postmedia Network vs. Richelieu Hardware |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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