Correlation Between SPTSX Dividend and Tristar Gold
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Tristar Gold, you can compare the effects of market volatilities on SPTSX Dividend and Tristar Gold 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 Tristar Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Tristar Gold.
Diversification Opportunities for SPTSX Dividend and Tristar Gold
-0.87 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SPTSX and Tristar is -0.87. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Tristar Gold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tristar Gold 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 Tristar Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tristar Gold has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Tristar Gold go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Tristar Gold
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 2.42 times less return on investment than Tristar Gold. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 9.41 times less risky than Tristar Gold. It trades about 0.07 of its potential returns per unit of risk. Tristar Gold is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 16.00 in Tristar Gold on August 30, 2024 and sell it today you would lose (5.00) from holding Tristar Gold or give up 31.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 99.6% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Tristar Gold
Performance |
| Timeline |
SPTSX Dividend and Tristar Gold Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Tristar Gold
Pair trading matchups for Tristar Gold
Pair Trading with SPTSX Dividend and Tristar Gold
The main advantage of trading using opposite SPTSX Dividend and Tristar Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Tristar Gold 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 Tristar Gold will offset losses from the drop in Tristar Gold'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 |
| Tristar Gold vs. First Majestic Silver | Tristar Gold vs. Ivanhoe Energy | Tristar Gold vs. Orezone Gold Corp | Tristar Gold vs. Faraday Copper Corp |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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