Correlation Between Denison Mines and Enbridge Pref
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By analyzing existing cross correlation between Denison Mines Corp and Enbridge Pref L, you can compare the effects of market volatilities on Denison Mines and Enbridge Pref 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 Denison Mines with a short position of Enbridge Pref. Check out your portfolio center. Please also check ongoing floating volatility patterns of Denison Mines and Enbridge Pref.
Diversification Opportunities for Denison Mines and Enbridge Pref
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Denison and Enbridge is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Denison Mines Corp and Enbridge Pref L in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enbridge Pref L and Denison Mines 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 Denison Mines Corp are associated (or correlated) with Enbridge Pref. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enbridge Pref L has no effect on the direction of Denison Mines i.e., Denison Mines and Enbridge Pref go up and down completely randomly.
Pair Corralation between Denison Mines and Enbridge Pref
Assuming the 90 days trading horizon Denison Mines Corp is expected to generate 5.73 times more return on investment than Enbridge Pref. However, Denison Mines is 5.73 times more volatile than Enbridge Pref L. It trades about 0.18 of its potential returns per unit of risk. Enbridge Pref L is currently generating about 0.06 per unit of risk. If you would invest 290.00 in Denison Mines Corp on July 20, 2025 and sell it today you would earn a total of 120.00 from holding Denison Mines Corp or generate 41.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Denison Mines Corp vs. Enbridge Pref L
Performance |
| Timeline |
| Denison Mines Corp |
| Enbridge Pref L |
Denison Mines and Enbridge Pref Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Denison Mines and Enbridge Pref
The main advantage of trading using opposite Denison Mines and Enbridge Pref positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Denison Mines position performs unexpectedly, Enbridge Pref 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 Enbridge Pref will offset losses from the drop in Enbridge Pref's long position.| Denison Mines vs. Gibson Energy | Denison Mines vs. Peyto ExplorationDevelopment Corp | Denison Mines vs. Topaz Energy Corp | Denison Mines vs. Athabasca Oil Corp |
| Enbridge Pref vs. North American Financial | Enbridge Pref vs. CVW CleanTech | Enbridge Pref vs. Cogeco Communications | Enbridge Pref vs. Income Financial Trust |
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