Correlation Analysis Between ETFMG Alternative and SPTSX Comp

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

Comparative Performance

 Predicted Return Density 
      Returns 

ETFMG Alternative Harvest  vs.  SPTSX Comp

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, ETFMG Alternative Harvest is expected to under-perform the SPTSX Comp. In addition to that, ETFMG Alternative is 4.1 times more volatile than SPTSX Comp. It trades about -0.06 of its total potential returns per unit of risk. SPTSX Comp is currently generating about 0.21 per unit of volatility. If you would invest  1,606,790  in SPTSX Comp on March 26, 2019 and sell it today you would earn a total of  51,860  from holding SPTSX Comp or generate 3.23% return on investment over 30 days.

Pair Corralation between ETFMG Alternative and SPTSX Comp

-0.1
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy97.22%
ValuesDaily Returns

Diversification Opportunities for ETFMG Alternative and SPTSX Comp

ETFMG Alternative Harvest diversification synergy

Good diversification

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