Correlation Between SPTSX Dividend and Athens General
Specify exactly 2 symbols:
By analyzing existing cross correlation between SPTSX Dividend Aristocrats and Athens General Composite, you can compare the effects of market volatilities on SPTSX Dividend and Athens General 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 Athens General. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and Athens General.
Diversification Opportunities for SPTSX Dividend and Athens General
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between SPTSX and Athens is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and Athens General Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Athens General Composite 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 Athens General. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Athens General Composite has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and Athens General go up and down completely randomly.
Pair Corralation between SPTSX Dividend and Athens General
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to under-perform the Athens General. But the index apears to be less risky and, when comparing its historical volatility, SPTSX Dividend Aristocrats is 1.88 times less risky than Athens General. The index trades about -0.19 of its potential returns per unit of risk. The Athens General Composite is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 139,384 in Athens General Composite on February 2, 2024 and sell it today you would earn a total of 5,464 from holding Athens General Composite or generate 3.92% 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. Athens General Composite
Performance |
Timeline |
SPTSX Dividend and Athens General Volatility Contrast
Predicted Return Density |
Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
Athens General Composite
Pair trading matchups for Athens General
Pair Trading with SPTSX Dividend and Athens General
The main advantage of trading using opposite SPTSX Dividend and Athens General positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, Athens General 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 Athens General will offset losses from the drop in Athens General's long position.SPTSX Dividend vs. Boardwalktech Software Corp | SPTSX Dividend vs. Quipt Home Medical | SPTSX Dividend vs. Medical Facilities | SPTSX Dividend vs. Toronto Cleantech Capital |
Athens General vs. Interlife General Insurance | Athens General vs. Intracom Constructions Societe | Athens General vs. Profile Systems Software | Athens General vs. Marfin Investment Group |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |