Correlation Between Guardian Capital and Enbridge Pref
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guardian Capital Group and Enbridge Pref 11, you can compare the effects of market volatilities on Guardian Capital 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 Guardian Capital with a short position of Enbridge Pref. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guardian Capital and Enbridge Pref.
Diversification Opportunities for Guardian Capital and Enbridge Pref
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Guardian and Enbridge is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Guardian Capital Group and Enbridge Pref 11 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enbridge Pref 11 and Guardian Capital 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 Guardian Capital Group 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 11 has no effect on the direction of Guardian Capital i.e., Guardian Capital and Enbridge Pref go up and down completely randomly.
Pair Corralation between Guardian Capital and Enbridge Pref
Assuming the 90 days trading horizon Guardian Capital Group is expected to generate 17.44 times more return on investment than Enbridge Pref. However, Guardian Capital is 17.44 times more volatile than Enbridge Pref 11. It trades about 0.14 of its potential returns per unit of risk. Enbridge Pref 11 is currently generating about 0.22 per unit of risk. If you would invest 4,374 in Guardian Capital Group on July 20, 2025 and sell it today you would earn a total of 2,296 from holding Guardian Capital Group or generate 52.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guardian Capital Group vs. Enbridge Pref 11
Performance |
| Timeline |
| Guardian Capital |
| Enbridge Pref 11 |
Guardian Capital and Enbridge Pref Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guardian Capital and Enbridge Pref
The main advantage of trading using opposite Guardian Capital and Enbridge Pref positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guardian Capital 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.| Guardian Capital vs. Uniteds Limited | Guardian Capital vs. Laurentian Bank | Guardian Capital vs. Cymbria | Guardian Capital vs. Clairvest Group |
| Enbridge Pref vs. Dream Office Real | Enbridge Pref vs. Doman Building Materials | Enbridge Pref vs. Brookfield Office Properties | Enbridge Pref vs. Renoworks Software |
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.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Stocks Directory Find actively traded stocks across global markets | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |