Correlation Between Maple Leaf and SPTSX Dividend
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By analyzing existing cross correlation between Maple Leaf Foods and SPTSX Dividend Aristocrats, you can compare the effects of market volatilities on Maple Leaf and SPTSX Dividend 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 Leaf with a short position of SPTSX Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maple Leaf and SPTSX Dividend.
Diversification Opportunities for Maple Leaf and SPTSX Dividend
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Maple and SPTSX is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Maple Leaf Foods and SPTSX Dividend Aristocrats in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPTSX Dividend Arist and Maple Leaf 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 Leaf Foods are associated (or correlated) with SPTSX Dividend. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPTSX Dividend Arist has no effect on the direction of Maple Leaf i.e., Maple Leaf and SPTSX Dividend go up and down completely randomly.
Pair Corralation between Maple Leaf and SPTSX Dividend
Assuming the 90 days trading horizon Maple Leaf is expected to generate 4.91 times less return on investment than SPTSX Dividend. In addition to that, Maple Leaf is 3.43 times more volatile than SPTSX Dividend Aristocrats. It trades about 0.01 of its total potential returns per unit of risk. SPTSX Dividend Aristocrats is currently generating about 0.13 per unit of volatility. If you would invest 33,984 in SPTSX Dividend Aristocrats on November 2, 2024 and sell it today you would earn a total of 2,275 from holding SPTSX Dividend Aristocrats or generate 6.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.05% |
| Values | Daily Returns |
Maple Leaf Foods vs. SPTSX Dividend Aristocrats
Performance |
| Timeline |
Maple Leaf and SPTSX Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Maple Leaf Foods
Pair trading matchups for Maple Leaf
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Pair Trading with Maple Leaf and SPTSX Dividend
The main advantage of trading using opposite Maple Leaf and SPTSX Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maple Leaf position performs unexpectedly, SPTSX Dividend 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 SPTSX Dividend will offset losses from the drop in SPTSX Dividend's long position.| Maple Leaf vs. Saputo Inc | Maple Leaf vs. George Weston Limited | Maple Leaf vs. Empire Company Limited | Maple Leaf vs. Premium Brands Holdings |
| SPTSX Dividend vs. Dream Office Real | SPTSX Dividend vs. Partners Value Investments | SPTSX Dividend vs. Brookfield Investments | SPTSX Dividend vs. Canlan Ice Sports |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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