Correlation Between Maple Peak and Pembina Pipeline
Can any of the company-specific risk be diversified away by investing in both Maple Peak and Pembina Pipeline at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Maple Peak and Pembina Pipeline into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Maple Peak Investments and Pembina Pipeline Corp, you can compare the effects of market volatilities on Maple Peak and Pembina Pipeline 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 Maple Peak with a short position of Pembina Pipeline. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maple Peak and Pembina Pipeline.
Diversification Opportunities for Maple Peak and Pembina Pipeline
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Maple and Pembina is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Maple Peak Investments and Pembina Pipeline Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pembina Pipeline Corp and Maple Peak 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 Maple Peak Investments are associated (or correlated) with Pembina Pipeline. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pembina Pipeline Corp has no effect on the direction of Maple Peak i.e., Maple Peak and Pembina Pipeline go up and down completely randomly.
Pair Corralation between Maple Peak and Pembina Pipeline
If you would invest 5,894 in Pembina Pipeline Corp on August 24, 2024 and sell it today you would earn a total of 137.00 from holding Pembina Pipeline Corp or generate 2.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Maple Peak Investments vs. Pembina Pipeline Corp
Performance |
| Timeline |
| Maple Peak Investments |
| Pembina Pipeline Corp |
Maple Peak and Pembina Pipeline Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maple Peak and Pembina Pipeline
The main advantage of trading using opposite Maple Peak and Pembina Pipeline positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maple Peak position performs unexpectedly, Pembina Pipeline 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 Pembina Pipeline will offset losses from the drop in Pembina Pipeline's long position.| Maple Peak vs. Restaurant Brands International | Maple Peak vs. Enghouse Systems | Maple Peak vs. Metro Inc | Maple Peak vs. goeasy |
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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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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