Correlation Between SPTSX Dividend and Sienna Senior
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Sienna Senior Living, you can compare the effects of market volatilities on SPTSX Dividend and Sienna Senior 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 Sienna Senior. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Sienna Senior.
Diversification Opportunities for SPTSX Dividend and Sienna Senior
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between SPTSX and Sienna is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Sienna Senior Living in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sienna Senior Living 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 Sienna Senior. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sienna Senior Living has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Sienna Senior go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Sienna Senior
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 2.69 times less return on investment than Sienna Senior. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 1.91 times less risky than Sienna Senior. It trades about 0.07 of its potential returns per unit of risk. Sienna Senior Living is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 978.00 in Sienna Senior Living on August 26, 2024 and sell it today you would earn a total of 706.00 from holding Sienna Senior Living or generate 72.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.6% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Sienna Senior Living
Performance |
| Timeline |
SPTSX Dividend and Sienna Senior Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Sienna Senior Living
Pair trading matchups for Sienna Senior
Pair Trading with SPTSX Dividend and Sienna Senior
The main advantage of trading using opposite SPTSX Dividend and Sienna Senior positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Sienna Senior 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 Sienna Senior will offset losses from the drop in Sienna Senior's long position.| SPTSX Dividend vs. Contagious Gaming | SPTSX Dividend vs. Gamehost | SPTSX Dividend vs. Ramp Metals | SPTSX Dividend vs. Air Canada |
| Sienna Senior vs. Extendicare | Sienna Senior vs. Chartwell Retirement Residences | Sienna Senior vs. NorthWest Healthcare Properties | Sienna Senior vs. Dream Industrial Real |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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