Correlation Between SPTSX Dividend and Mackenzie Canadian
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Mackenzie Canadian Aggregate, you can compare the effects of market volatilities on SPTSX Dividend and Mackenzie Canadian 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 Mackenzie Canadian. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Mackenzie Canadian.
Diversification Opportunities for SPTSX Dividend and Mackenzie Canadian
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between SPTSX and Mackenzie is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Mackenzie Canadian Aggregate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mackenzie Canadian 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 Mackenzie Canadian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mackenzie Canadian has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Mackenzie Canadian go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Mackenzie Canadian
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 1.55 times more return on investment than Mackenzie Canadian. However, SPTSX Dividend is 1.55 times more volatile than Mackenzie Canadian Aggregate. It trades about 0.05 of its potential returns per unit of risk. Mackenzie Canadian Aggregate is currently generating about 0.05 per unit of risk. If you would invest 31,104 in SPTSX Dividend Aristocrats on November 19, 2024 and sell it today you would earn a total of 4,580 from holding SPTSX Dividend Aristocrats or generate 14.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Mackenzie Canadian Aggregate
Performance |
| Timeline |
SPTSX Dividend and Mackenzie Canadian Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Mackenzie Canadian Aggregate
Pair trading matchups for Mackenzie Canadian
Pair Trading with SPTSX Dividend and Mackenzie Canadian
The main advantage of trading using opposite SPTSX Dividend and Mackenzie Canadian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Mackenzie Canadian 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 Mackenzie Canadian will offset losses from the drop in Mackenzie Canadian's long position.| SPTSX Dividend vs. NeXGold Mining Corp | SPTSX Dividend vs. Magna Mining | SPTSX Dividend vs. Nicola Mining | SPTSX Dividend vs. Kootenay Silver |
| Mackenzie Canadian vs. Mackenzie Core Plus | Mackenzie Canadian vs. Mackenzie Canadian Short Term | Mackenzie Canadian vs. Mackenzie Core Plus | Mackenzie Canadian vs. Mackenzie Canadian Short |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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