Correlation Between Enbridge Pref and Energy Fuels
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By analyzing existing cross correlation between Enbridge Pref 11 and Energy Fuels, you can compare the effects of market volatilities on Enbridge Pref and Energy Fuels 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 Enbridge Pref with a short position of Energy Fuels. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enbridge Pref and Energy Fuels.
Diversification Opportunities for Enbridge Pref and Energy Fuels
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Enbridge and Energy is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Enbridge Pref 11 and Energy Fuels in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Energy Fuels and Enbridge Pref 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 Enbridge Pref 11 are associated (or correlated) with Energy Fuels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Energy Fuels has no effect on the direction of Enbridge Pref i.e., Enbridge Pref and Energy Fuels go up and down completely randomly.
Pair Corralation between Enbridge Pref and Energy Fuels
Assuming the 90 days trading horizon Enbridge Pref is expected to generate 5.62 times less return on investment than Energy Fuels. But when comparing it to its historical volatility, Enbridge Pref 11 is 11.86 times less risky than Energy Fuels. It trades about 0.54 of its potential returns per unit of risk. Energy Fuels is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest 627.00 in Energy Fuels on April 25, 2025 and sell it today you would earn a total of 660.00 from holding Energy Fuels or generate 105.26% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Enbridge Pref 11 vs. Energy Fuels
Performance |
Timeline |
Enbridge Pref 11 |
Energy Fuels |
Enbridge Pref and Energy Fuels Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Enbridge Pref and Energy Fuels
The main advantage of trading using opposite Enbridge Pref and Energy Fuels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enbridge Pref position performs unexpectedly, Energy Fuels 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 Energy Fuels will offset losses from the drop in Energy Fuels' long position.Enbridge Pref vs. Maple Leaf Foods | Enbridge Pref vs. Andlauer Healthcare Gr | Enbridge Pref vs. Hill Street Beverage | Enbridge Pref vs. Maple Peak Investments |
Energy Fuels vs. Timbercreek Financial Corp | Energy Fuels vs. Doman Building Materials | Energy Fuels vs. Diamond Estates Wines | Energy Fuels vs. Pollard Banknote Limited |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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