Correlation Between Enbridge Pref and Total Energy
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By analyzing existing cross correlation between Enbridge Pref L and Total Energy Services, you can compare the effects of market volatilities on Enbridge Pref and Total Energy 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 Total Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enbridge Pref and Total Energy.
Diversification Opportunities for Enbridge Pref and Total Energy
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Enbridge and Total is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Enbridge Pref L and Total Energy Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Total Energy Services 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 L are associated (or correlated) with Total Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Total Energy Services has no effect on the direction of Enbridge Pref i.e., Enbridge Pref and Total Energy go up and down completely randomly.
Pair Corralation between Enbridge Pref and Total Energy
Assuming the 90 days trading horizon Enbridge Pref is expected to generate 6.26 times less return on investment than Total Energy. But when comparing it to its historical volatility, Enbridge Pref L is 4.18 times less risky than Total Energy. It trades about 0.05 of its potential returns per unit of risk. Total Energy Services is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,312 in Total Energy Services on August 28, 2025 and sell it today you would earn a total of 112.00 from holding Total Energy Services or generate 8.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Enbridge Pref L vs. Total Energy Services
Performance |
| Timeline |
| Enbridge Pref L |
| Total Energy Services |
Enbridge Pref and Total Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enbridge Pref and Total Energy
The main advantage of trading using opposite Enbridge Pref and Total Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enbridge Pref position performs unexpectedly, Total Energy 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 Total Energy will offset losses from the drop in Total Energy's long position.| Enbridge Pref vs. Enbridge Pref 5 | Enbridge Pref vs. Enbridge Pref 11 | Enbridge Pref vs. E Split Corp | Enbridge Pref vs. E Split Corp |
| Total Energy vs. Gfl Environmental Holdings | Total Energy vs. Labrador Iron Ore | Total Energy vs. BluMetric Environmental | Total Energy vs. Precision Drilling |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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