Pair Correlation Between SPTSX Comp and NQPH

This module allows you to analyze existing cross correlation between SPTSX Comp and NQPH. You can compare the effects of market volatilities on SPTSX Comp and NQPH 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 SPTSX Comp with a short position of NQPH. See also your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Comp and NQPH.
 Time Horizon     30 Days    Login   to change
Symbolsvs

SPTSX Comp  vs.  NQPH

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, SPTSX Comp is expected to generate 0.67 times more return on investment than NQPH. However, SPTSX Comp is 1.49 times less risky than NQPH. It trades about -0.03 of its potential returns per unit of risk. NQPH is currently generating about -0.25 per unit of risk. If you would invest  1,571,466  in SPTSX Comp on March 27, 2018 and sell it today you would lose (20,491)  from holding SPTSX Comp or give up 1.3% of portfolio value over 30 days.

Pair Corralation between SPTSX Comp and NQPH

0.87
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy94.0%
ValuesDaily Returns

Diversification

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Comp and NQPH in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NQPH and SPTSX Comp 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 SPTSX Comp are associated (or correlated) with NQPH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NQPH has no effect on the direction of SPTSX Comp i.e. SPTSX Comp and NQPH go up and down completely randomly.
    Optimize

Comparative Volatility

 Predicted Return Density 
      Returns 

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1047.0

Thematic Opportunities

Explore Investment Opportunities
Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Equity Analysis module to research over 250,000 global equities including funds, stocks and etfs to find investment opportunities.