Correlation Between SPTSX Dividend and Westaim Corp
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Westaim Corp, you can compare the effects of market volatilities on SPTSX Dividend and Westaim Corp 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 Westaim Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Westaim Corp.
Diversification Opportunities for SPTSX Dividend and Westaim Corp
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between SPTSX and Westaim is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Westaim Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Westaim 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 Westaim Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Westaim Corp has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Westaim Corp go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Westaim Corp
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to under-perform the Westaim Corp. But the index apears to be less risky and, when comparing its historical volatility, SPTSX Dividend Aristocrats is 2.21 times less risky than Westaim Corp. The index trades about -0.03 of its potential returns per unit of risk. The Westaim Corp is currently generating about 0.54 of returns per unit of risk over similar time horizon. If you would invest 2,900 in Westaim Corp on November 18, 2024 and sell it today you would earn a total of 498.00 from holding Westaim Corp or generate 17.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Westaim Corp
Performance |
| Timeline |
SPTSX Dividend and Westaim Corp Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Westaim Corp
Pair trading matchups for Westaim Corp
Pair Trading with SPTSX Dividend and Westaim Corp
The main advantage of trading using opposite SPTSX Dividend and Westaim Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Westaim Corp 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 Westaim Corp will offset losses from the drop in Westaim Corp's long position.| SPTSX Dividend vs. Quipt Home Medical | SPTSX Dividend vs. Arizona Metals Corp | SPTSX Dividend vs. Titan Mining Corp | SPTSX Dividend vs. Metalero Mining Corp |
| Westaim Corp vs. Pulse Seismic | Westaim Corp vs. Quarterhill | Westaim Corp vs. Kneat Inc | Westaim Corp vs. Trisura Group |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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