Correlation Between Symphony Floating and Mawer Canadien
Specify exactly 2 symbols:
By analyzing existing cross correlation between Symphony Floating Rate and Mawer Canadien obligations, you can compare the effects of market volatilities on Symphony Floating and Mawer Canadien 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 Symphony Floating with a short position of Mawer Canadien. Check out your portfolio center. Please also check ongoing floating volatility patterns of Symphony Floating and Mawer Canadien.
Diversification Opportunities for Symphony Floating and Mawer Canadien
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Symphony and Mawer is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Symphony Floating Rate and Mawer Canadien obligations in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mawer Canadien oblig and Symphony Floating 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 Symphony Floating Rate are associated (or correlated) with Mawer Canadien. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mawer Canadien oblig has no effect on the direction of Symphony Floating i.e., Symphony Floating and Mawer Canadien go up and down completely randomly.
Pair Corralation between Symphony Floating and Mawer Canadien
Assuming the 90 days trading horizon Symphony Floating Rate is expected to generate 1.76 times more return on investment than Mawer Canadien. However, Symphony Floating is 1.76 times more volatile than Mawer Canadien obligations. It trades about 0.01 of its potential returns per unit of risk. Mawer Canadien obligations is currently generating about -0.13 per unit of risk. If you would invest 701.00 in Symphony Floating Rate on August 28, 2024 and sell it today you would earn a total of 1.00 from holding Symphony Floating Rate or generate 0.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Symphony Floating Rate vs. Mawer Canadien obligations
Performance |
| Timeline |
| Symphony Floating Rate |
| Mawer Canadien oblig |
Symphony Floating and Mawer Canadien Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Symphony Floating and Mawer Canadien
The main advantage of trading using opposite Symphony Floating and Mawer Canadien positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Symphony Floating position performs unexpectedly, Mawer Canadien 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 Mawer Canadien will offset losses from the drop in Mawer Canadien's long position.| Symphony Floating vs. Blue Ribbon Income | Symphony Floating vs. Canadian High Income | Symphony Floating vs. MINT Income Fund | Symphony Floating vs. Brompton Lifeco Split |
| Mawer Canadien vs. Fidelity Tactical High | Mawer Canadien vs. Bloom Select Income | Mawer Canadien vs. Symphony Floating Rate | Mawer Canadien vs. Edgepoint Cdn Growth |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |