Correlation Between SPTSX Dividend and Stampede Drilling
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Stampede Drilling, you can compare the effects of market volatilities on SPTSX Dividend and Stampede Drilling 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 Stampede Drilling. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Stampede Drilling.
Diversification Opportunities for SPTSX Dividend and Stampede Drilling
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between SPTSX and Stampede is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Stampede Drilling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Stampede Drilling 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 Stampede Drilling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Stampede Drilling has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Stampede Drilling go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Stampede Drilling
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 0.19 times more return on investment than Stampede Drilling. However, SPTSX Dividend Aristocrats is 5.37 times less risky than Stampede Drilling. It trades about 0.08 of its potential returns per unit of risk. Stampede Drilling is currently generating about 0.0 per unit of risk. If you would invest 30,884 in SPTSX Dividend Aristocrats on August 30, 2024 and sell it today you would earn a total of 6,485 from holding SPTSX Dividend Aristocrats or generate 21.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.49% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Stampede Drilling
Performance |
| Timeline |
SPTSX Dividend and Stampede Drilling Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Stampede Drilling
Pair trading matchups for Stampede Drilling
Pair Trading with SPTSX Dividend and Stampede Drilling
The main advantage of trading using opposite SPTSX Dividend and Stampede Drilling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Stampede Drilling 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 Stampede Drilling will offset losses from the drop in Stampede Drilling'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 |
| Stampede Drilling vs. Canadian Natural Resources | Stampede Drilling vs. Suncor Energy | Stampede Drilling vs. iShares Canadian HYBrid | Stampede Drilling vs. Altagas Cum Red |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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