Correlation Between SPTSX Dividend and Tudor Gold
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Tudor Gold Corp, you can compare the effects of market volatilities on SPTSX Dividend and Tudor 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 Tudor Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Tudor Gold.
Diversification Opportunities for SPTSX Dividend and Tudor Gold
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SPTSX and Tudor is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Tudor Gold Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tudor Gold 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 Tudor Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tudor Gold Corp has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Tudor Gold go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Tudor Gold
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to under-perform the Tudor Gold. But the index apears to be less risky and, when comparing its historical volatility, SPTSX Dividend Aristocrats is 6.13 times less risky than Tudor Gold. The index trades about -0.1 of its potential returns per unit of risk. The Tudor Gold Corp is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 68.00 in Tudor Gold Corp on November 27, 2024 and sell it today you would lose (1.00) from holding Tudor Gold Corp or give up 1.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Tudor Gold Corp
Performance |
| Timeline |
SPTSX Dividend and Tudor Gold Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Tudor Gold Corp
Pair trading matchups for Tudor Gold
Pair Trading with SPTSX Dividend and Tudor Gold
The main advantage of trading using opposite SPTSX Dividend and Tudor Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Tudor 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 Tudor Gold will offset losses from the drop in Tudor Gold's long position.| SPTSX Dividend vs. Postmedia Network Canada | SPTSX Dividend vs. Manulife Financial Corp | SPTSX Dividend vs. Thunderbird Entertainment Group | SPTSX Dividend vs. CI Financial Corp |
| Tudor Gold vs. Teuton Resources Corp | Tudor Gold vs. American Creek Resources | Tudor Gold vs. Freegold Ventures Limited | Tudor Gold vs. Dolly Varden Silver |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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