Correlation Between WELL Health and SPTSX Dividend
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By analyzing existing cross correlation between WELL Health Technologies and SPTSX Dividend Aristocrats, you can compare the effects of market volatilities on WELL Health 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 WELL Health with a short position of SPTSX Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of WELL Health and SPTSX Dividend.
Diversification Opportunities for WELL Health and SPTSX Dividend
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between WELL and SPTSX is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding WELL Health Technologies 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 WELL Health 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 WELL Health Technologies 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 WELL Health i.e., WELL Health and SPTSX Dividend go up and down completely randomly.
Pair Corralation between WELL Health and SPTSX Dividend
Assuming the 90 days trading horizon WELL Health Technologies is expected to generate 5.06 times more return on investment than SPTSX Dividend. However, WELL Health is 5.06 times more volatile than SPTSX Dividend Aristocrats. It trades about 0.16 of its potential returns per unit of risk. SPTSX Dividend Aristocrats is currently generating about 0.28 per unit of risk. If you would invest 419.00 in WELL Health Technologies on September 13, 2024 and sell it today you would earn a total of 250.00 from holding WELL Health Technologies or generate 59.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.41% |
| Values | Daily Returns |
WELL Health Technologies vs. SPTSX Dividend Aristocrats
Performance |
| Timeline |
WELL Health and SPTSX Dividend Volatility Contrast
Predicted Return Density |
| Returns |
WELL Health Technologies
Pair trading matchups for WELL Health
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Pair Trading with WELL Health and SPTSX Dividend
The main advantage of trading using opposite WELL Health and SPTSX Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WELL Health 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.| WELL Health vs. Extendicare | WELL Health vs. Sienna Senior Living | WELL Health vs. Rogers Sugar | WELL Health vs. Chemtrade Logistics Income |
| SPTSX Dividend vs. Canadian Imperial Bank | SPTSX Dividend vs. National Bank of | SPTSX Dividend vs. Bank of Nova | SPTSX Dividend vs. VersaBank |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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