Correlation Between Ninepoint Energy and Fidelity Tactical
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By analyzing existing cross correlation between Ninepoint Energy and Fidelity Tactical High, you can compare the effects of market volatilities on Ninepoint Energy and Fidelity Tactical 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 Ninepoint Energy with a short position of Fidelity Tactical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ninepoint Energy and Fidelity Tactical.
Diversification Opportunities for Ninepoint Energy and Fidelity Tactical
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ninepoint and Fidelity is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Ninepoint Energy and Fidelity Tactical High in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Tactical High and Ninepoint Energy 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 Ninepoint Energy are associated (or correlated) with Fidelity Tactical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Tactical High has no effect on the direction of Ninepoint Energy i.e., Ninepoint Energy and Fidelity Tactical go up and down completely randomly.
Pair Corralation between Ninepoint Energy and Fidelity Tactical
Assuming the 90 days trading horizon Ninepoint Energy is expected to generate 1.07 times less return on investment than Fidelity Tactical. In addition to that, Ninepoint Energy is 1.89 times more volatile than Fidelity Tactical High. It trades about 0.17 of its total potential returns per unit of risk. Fidelity Tactical High is currently generating about 0.35 per unit of volatility. If you would invest 955.00 in Fidelity Tactical High on April 20, 2025 and sell it today you would earn a total of 133.00 from holding Fidelity Tactical High or generate 13.93% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Ninepoint Energy vs. Fidelity Tactical High
Performance |
Timeline |
Ninepoint Energy |
Fidelity Tactical High |
Ninepoint Energy and Fidelity Tactical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ninepoint Energy and Fidelity Tactical
The main advantage of trading using opposite Ninepoint Energy and Fidelity Tactical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ninepoint Energy position performs unexpectedly, Fidelity Tactical 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 Fidelity Tactical will offset losses from the drop in Fidelity Tactical's long position.Ninepoint Energy vs. Edgepoint Cdn Growth | Ninepoint Energy vs. TD Dividend Growth | Ninepoint Energy vs. CDSPI Global Growth |
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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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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