Correlation Between SPTSX Dividend and Stamper Oil
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Stamper Oil Gas, you can compare the effects of market volatilities on SPTSX Dividend and Stamper Oil 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 Stamper Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Stamper Oil.
Diversification Opportunities for SPTSX Dividend and Stamper Oil
-0.88 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SPTSX and Stamper is -0.88. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Stamper Oil Gas in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Stamper Oil Gas 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 Stamper Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Stamper Oil Gas has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Stamper Oil go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Stamper Oil
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 0.02 times more return on investment than Stamper Oil. However, SPTSX Dividend Aristocrats is 50.6 times less risky than Stamper Oil. It trades about 0.37 of its potential returns per unit of risk. Stamper Oil Gas is currently generating about 0.0 per unit of risk. If you would invest 33,984 in SPTSX Dividend Aristocrats on September 2, 2024 and sell it today you would earn a total of 3,587 from holding SPTSX Dividend Aristocrats or generate 10.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 98.44% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Stamper Oil Gas
Performance |
| Timeline |
SPTSX Dividend and Stamper Oil Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Stamper Oil Gas
Pair trading matchups for Stamper Oil
Pair Trading with SPTSX Dividend and Stamper Oil
The main advantage of trading using opposite SPTSX Dividend and Stamper Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Stamper Oil 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 Stamper Oil will offset losses from the drop in Stamper Oil's long position.| SPTSX Dividend vs. Vizsla Silver Corp | SPTSX Dividend vs. Globex Mining Enterprises | SPTSX Dividend vs. Arizona Gold Silver | SPTSX Dividend vs. Renoworks Software |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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