Correlation Between Xtract One and Enbridge Pref
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xtract One Technologies and Enbridge Pref L, you can compare the effects of market volatilities on Xtract One and Enbridge Pref 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 Xtract One with a short position of Enbridge Pref. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xtract One and Enbridge Pref.
Diversification Opportunities for Xtract One and Enbridge Pref
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xtract and Enbridge is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Xtract One Technologies and Enbridge Pref L in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enbridge Pref L and Xtract One 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 Xtract One Technologies are associated (or correlated) with Enbridge Pref. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enbridge Pref L has no effect on the direction of Xtract One i.e., Xtract One and Enbridge Pref go up and down completely randomly.
Pair Corralation between Xtract One and Enbridge Pref
Assuming the 90 days trading horizon Xtract One Technologies is expected to under-perform the Enbridge Pref. In addition to that, Xtract One is 9.68 times more volatile than Enbridge Pref L. It trades about -0.3 of its total potential returns per unit of risk. Enbridge Pref L is currently generating about 0.03 per unit of volatility. If you would invest 2,218 in Enbridge Pref L on September 23, 2024 and sell it today you would earn a total of 7.00 from holding Enbridge Pref L or generate 0.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xtract One Technologies vs. Enbridge Pref L
Performance |
| Timeline |
| Xtract One Technologies |
| Enbridge Pref L |
Xtract One and Enbridge Pref Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xtract One and Enbridge Pref
The main advantage of trading using opposite Xtract One and Enbridge Pref positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xtract One position performs unexpectedly, Enbridge Pref 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 Enbridge Pref will offset losses from the drop in Enbridge Pref's long position.| Xtract One vs. Avante Logixx | Xtract One vs. NamSys Inc | Xtract One vs. Redishred Capital Corp | Xtract One vs. Biosyent |
| Enbridge Pref vs. East Side Games | Enbridge Pref vs. Xtract One Technologies | Enbridge Pref vs. Oculus VisionTech | Enbridge Pref vs. Falcon Energy Materials |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |