Correlation Between Symphony Floating and PHN Canadian
Specify exactly 2 symbols:
By analyzing existing cross correlation between Symphony Floating Rate and PHN Canadian Equity, you can compare the effects of market volatilities on Symphony Floating and PHN Canadian 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 PHN Canadian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Symphony Floating and PHN Canadian.
Diversification Opportunities for Symphony Floating and PHN Canadian
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Symphony and PHN is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Symphony Floating Rate and PHN Canadian Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHN Canadian Equity 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 PHN Canadian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHN Canadian Equity has no effect on the direction of Symphony Floating i.e., Symphony Floating and PHN Canadian go up and down completely randomly.
Pair Corralation between Symphony Floating and PHN Canadian
Assuming the 90 days trading horizon Symphony Floating is expected to generate 12.04 times less return on investment than PHN Canadian. In addition to that, Symphony Floating is 1.04 times more volatile than PHN Canadian Equity. It trades about 0.02 of its total potential returns per unit of risk. PHN Canadian Equity is currently generating about 0.31 per unit of volatility. If you would invest 2,187 in PHN Canadian Equity on August 30, 2024 and sell it today you would earn a total of 82.00 from holding PHN Canadian Equity or generate 3.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
Symphony Floating Rate vs. PHN Canadian Equity
Performance |
| Timeline |
| Symphony Floating Rate |
| PHN Canadian Equity |
Symphony Floating and PHN Canadian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Symphony Floating and PHN Canadian
The main advantage of trading using opposite Symphony Floating and PHN Canadian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Symphony Floating position performs unexpectedly, PHN Canadian 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 PHN Canadian will offset losses from the drop in PHN Canadian'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 |
| PHN Canadian vs. Mawer Canadien actions | PHN Canadian vs. RBC Canadian Equity | PHN Canadian vs. BMO Aggregate Bond | PHN Canadian vs. iShares Canadian HYBrid |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |