Correlation Between Stampede Drilling and SPTSX Dividend
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By analyzing existing cross correlation between Stampede Drilling and SPTSX Dividend Aristocrats, you can compare the effects of market volatilities on Stampede Drilling 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 Stampede Drilling with a short position of SPTSX Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stampede Drilling and SPTSX Dividend.
Diversification Opportunities for Stampede Drilling and SPTSX Dividend
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Stampede and SPTSX is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Stampede Drilling 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 Stampede Drilling 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 Stampede Drilling 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 Stampede Drilling i.e., Stampede Drilling and SPTSX Dividend go up and down completely randomly.
Pair Corralation between Stampede Drilling and SPTSX Dividend
Assuming the 90 days horizon Stampede Drilling is expected to under-perform the SPTSX Dividend. In addition to that, Stampede Drilling is 9.84 times more volatile than SPTSX Dividend Aristocrats. It trades about -0.12 of its total potential returns per unit of risk. SPTSX Dividend Aristocrats is currently generating about 0.1 per unit of volatility. If you would invest 36,956 in SPTSX Dividend Aristocrats on September 12, 2024 and sell it today you would earn a total of 271.00 from holding SPTSX Dividend Aristocrats or generate 0.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Stampede Drilling vs. SPTSX Dividend Aristocrats
Performance |
| Timeline |
Stampede Drilling and SPTSX Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Stampede Drilling
Pair trading matchups for Stampede Drilling
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Pair Trading with Stampede Drilling and SPTSX Dividend
The main advantage of trading using opposite Stampede Drilling and SPTSX Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stampede Drilling 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.| Stampede Drilling vs. STEP Energy Services | Stampede Drilling vs. Southern Energy Corp | Stampede Drilling vs. PHX Energy Services |
| SPTSX Dividend vs. Boat Rocker Media | SPTSX Dividend vs. Bausch Health Companies | SPTSX Dividend vs. Cogeco Communications | SPTSX Dividend vs. WELL Health Technologies |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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