Correlation Between SPTSX Dividend and Athens General
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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
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between SPTSX and Athens is 0.16. 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 2.06 times less risky than Athens General. The index trades about -0.07 of its potential returns per unit of risk. The Athens General Composite is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 143,094 in Athens General Composite on February 4, 2024 and sell it today you would earn a total of 2,130 from holding Athens General Composite or generate 1.49% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 88.64% |
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. CHAR Technologies | SPTSX Dividend vs. Ocumetics Technology Corp | SPTSX Dividend vs. Sangoma Technologies Corp | SPTSX Dividend vs. GLG Life Tech |
Athens General vs. Foodlink AE | Athens General vs. Eurobank Ergasias Services | Athens General vs. Bank of Greece | Athens General vs. Performance Technologies SA |
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 Stocks Directory module to find actively traded stocks across global markets.
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