Correlation Between SPTSX Dividend and Athabasca Oil
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Athabasca Oil Corp, you can compare the effects of market volatilities on SPTSX Dividend and Athabasca Oil 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 Dividend with a short position of Athabasca Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Athabasca Oil.
Diversification Opportunities for SPTSX Dividend and Athabasca Oil
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SPTSX and Athabasca is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Athabasca Oil Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Athabasca Oil Corp and SPTSX Dividend 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 Dividend Aristocrats are associated (or correlated) with Athabasca Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Athabasca Oil Corp has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Athabasca Oil go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Athabasca Oil
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 2.11 times less return on investment than Athabasca Oil. But when comparing it to its historical volatility, SPTSX Dividend Aristocrats is 4.01 times less risky than Athabasca Oil. It trades about 0.03 of its potential returns per unit of risk. Athabasca Oil Corp is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 476.00 in Athabasca Oil Corp on February 24, 2024 and sell it today you would earn a total of 4.00 from holding Athabasca Oil Corp or generate 0.84% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
SPTSX Dividend Aristocrats vs. Athabasca Oil Corp
Performance |
Timeline |
SPTSX Dividend and Athabasca Oil Volatility Contrast
Predicted Return Density |
Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Athabasca Oil Corp
Pair trading matchups for Athabasca Oil
Pair Trading with SPTSX Dividend and Athabasca Oil
The main advantage of trading using opposite SPTSX Dividend and Athabasca Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Athabasca Oil 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 Athabasca Oil will offset losses from the drop in Athabasca Oil's long position.SPTSX Dividend vs. Summa SilverCorp | SPTSX Dividend vs. MAG Silver Corp | SPTSX Dividend vs. Firan Technology Group | SPTSX Dividend vs. Mako Mining Corp |
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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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