CSIF III Correlations

0P0000YXR4   2,069  9.14  0.44%   
The current 90-days correlation between CSIF III Equity and BCV Swiss Equity is 0.36 (i.e., Weak diversification). The correlation of CSIF III is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

CSIF III Correlation With Market

Average diversification

The correlation between CSIF III Equity and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding CSIF III Equity and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to CSIF III could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace CSIF III when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back CSIF III - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling CSIF III Equity to buy it.

Moving together with CSIF Fund

  0.950P0001EDRM CSIF III EqPairCorr
  0.61SREA UBS PropertyPairCorr

Related Correlations Analysis

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.
High positive correlations   
0P0000JLED0P0000YXR4
SFPF0P0000JLED
SFPF0P0001ILO2
SCM1410P0000YXR4
VAL130P0000YXR4
SNBKZ0P0000YXR4
  
High negative correlations   
0P0001ILO20P0000YXR4
0P0000JLED0P0001ILO2
SFPF0P0000YXR4
MOB141SFPF
MOB141ZKA12
SFPFZKA12

Risk-Adjusted Indicators

There is a big difference between CSIF Fund performing well and CSIF III Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze CSIF III's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
0P0000YXR4  0.62  0.07  0.07  0.41  0.63 
 1.36 
 5.10 
0P0001ILO2  0.43 (0.05) 0.00 (0.37) 0.00 
 0.89 
 2.71 
0P0000JLED  0.12 (0.01)(0.19)(0.27) 0.12 
 0.23 
 0.69 
SCM141  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
VAL13  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
SNBKZ  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
ZKA12  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
SFPF  0.68  0.06  0.04 (0.36) 0.67 
 1.21 
 3.55 
MOB141  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 

CSIF III Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with CSIF III fund to make a market-neutral strategy. Peer analysis of CSIF III could also be used in its relative valuation, which is a method of valuing CSIF III by comparing valuation metrics with similar companies.
 Risk & Return  Correlation