Correlation Between IShares SPTSX and PHN Multi
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By analyzing existing cross correlation between iShares SPTSX Completion and PHN Multi Style All Cap, you can compare the effects of market volatilities on IShares SPTSX and PHN Multi 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 IShares SPTSX with a short position of PHN Multi. Check out your portfolio center. Please also check ongoing floating volatility patterns of IShares SPTSX and PHN Multi.
Diversification Opportunities for IShares SPTSX and PHN Multi
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between IShares and PHN is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding iShares SPTSX Completion and PHN Multi Style All Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHN Multi Style and IShares SPTSX 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 iShares SPTSX Completion are associated (or correlated) with PHN Multi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHN Multi Style has no effect on the direction of IShares SPTSX i.e., IShares SPTSX and PHN Multi go up and down completely randomly.
Pair Corralation between IShares SPTSX and PHN Multi
Assuming the 90 days trading horizon IShares SPTSX is expected to generate 1.13 times less return on investment than PHN Multi. But when comparing it to its historical volatility, iShares SPTSX Completion is 1.22 times less risky than PHN Multi. It trades about 0.14 of its potential returns per unit of risk. PHN Multi Style All Cap is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 2,768 in PHN Multi Style All Cap on August 30, 2024 and sell it today you would earn a total of 69.00 from holding PHN Multi Style All Cap or generate 2.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
iShares SPTSX Completion vs. PHN Multi Style All Cap
Performance |
| Timeline |
| iShares SPTSX Completion |
| PHN Multi Style |
IShares SPTSX and PHN Multi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IShares SPTSX and PHN Multi
The main advantage of trading using opposite IShares SPTSX and PHN Multi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IShares SPTSX position performs unexpectedly, PHN Multi 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 Multi will offset losses from the drop in PHN Multi's long position.| IShares SPTSX vs. iShares MSCI EAFE | IShares SPTSX vs. iShares SPTSX Capped | IShares SPTSX vs. iShares SPTSX Small | IShares SPTSX vs. iShares Canadian Real |
| PHN Multi vs. Mawer Equity A | PHN Multi vs. BMO Aggregate Bond | PHN Multi vs. iShares Canadian HYBrid | PHN Multi vs. Brompton European Dividend |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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