Correlation Between SPTSX Dividend and Southern Energy
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Southern Energy Corp, you can compare the effects of market volatilities on SPTSX Dividend and Southern Energy 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 Southern Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Southern Energy.
Diversification Opportunities for SPTSX Dividend and Southern Energy
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SPTSX and Southern is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Southern Energy Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern Energy Corp 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 Southern Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southern Energy Corp has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Southern Energy go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Southern Energy
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 2.3 times less return on investment than Southern Energy. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 15.01 times less risky than Southern Energy. It trades about 0.2 of its potential returns per unit of risk. Southern Energy Corp is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 12.00 in Southern Energy Corp on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Southern Energy Corp or generate 0.0% 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. Southern Energy Corp
Performance |
| Timeline |
SPTSX Dividend and Southern Energy Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Southern Energy Corp
Pair trading matchups for Southern Energy
Pair Trading with SPTSX Dividend and Southern Energy
The main advantage of trading using opposite SPTSX Dividend and Southern Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Southern Energy 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 Southern Energy will offset losses from the drop in Southern Energy's long position.| SPTSX Dividend vs. Metalero Mining Corp | SPTSX Dividend vs. Marimaca Copper Corp | SPTSX Dividend vs. Network Media Group | SPTSX Dividend vs. Nicola Mining |
| Southern Energy vs. Prospera Energy | Southern Energy vs. Pine Cliff Energy | Southern Energy vs. Lucero Energy Corp | Southern Energy vs. Pieridae Energy |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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