Correlation Between SPTSX Dividend and CIBC International
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and CIBC International Equity, you can compare the effects of market volatilities on SPTSX Dividend and CIBC International 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 CIBC International. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and CIBC International.
Diversification Opportunities for SPTSX Dividend and CIBC International
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SPTSX and CIBC is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and CIBC International Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CIBC International Equity 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 CIBC International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CIBC International Equity has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and CIBC International go up and down completely randomly.
Pair Corralation between SPTSX Dividend and CIBC International
Assuming the 90 days trading horizon SPTSX Dividend Aristocrats is expected to generate 0.41 times more return on investment than CIBC International. However, SPTSX Dividend Aristocrats is 2.42 times less risky than CIBC International. It trades about 0.4 of its potential returns per unit of risk. CIBC International Equity is currently generating about 0.12 per unit of risk. If you would invest 34,968 in SPTSX Dividend Aristocrats on April 22, 2025 and sell it today you would earn a total of 3,295 from holding SPTSX Dividend Aristocrats or generate 9.42% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 98.44% |
Values | Daily Returns |
SPTSX Dividend Aristocrats vs. CIBC International Equity
Performance |
Timeline |
SPTSX Dividend and CIBC International Volatility Contrast
Predicted Return Density |
Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
CIBC International Equity
Pair trading matchups for CIBC International
Pair Trading with SPTSX Dividend and CIBC International
The main advantage of trading using opposite SPTSX Dividend and CIBC International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, CIBC International 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 CIBC International will offset losses from the drop in CIBC International's long position.SPTSX Dividend vs. NeXGold Mining Corp | SPTSX Dividend vs. Blackrock Silver Corp | SPTSX Dividend vs. Magna Mining | SPTSX Dividend vs. Capstone Mining Corp |
CIBC International vs. iShares Core MSCI | CIBC International vs. BMO MSCI EAFE | CIBC International vs. Vanguard FTSE Developed | CIBC International vs. iShares MSCI EAFE |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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