Correlation Between CI Global and Mawer Canadien
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By analyzing existing cross correlation between CI Global Health and Mawer Canadien actions, you can compare the effects of market volatilities on CI Global and Mawer Canadien 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 CI Global with a short position of Mawer Canadien. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Global and Mawer Canadien.
Diversification Opportunities for CI Global and Mawer Canadien
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 0P000070H9 and Mawer is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding CI Global Health and Mawer Canadien actions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mawer Canadien actions and CI Global 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 CI Global Health are associated (or correlated) with Mawer Canadien. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mawer Canadien actions has no effect on the direction of CI Global i.e., CI Global and Mawer Canadien go up and down completely randomly.
Pair Corralation between CI Global and Mawer Canadien
Assuming the 90 days trading horizon CI Global Health is expected to under-perform the Mawer Canadien. In addition to that, CI Global is 1.16 times more volatile than Mawer Canadien actions. It trades about -0.18 of its total potential returns per unit of risk. Mawer Canadien actions is currently generating about -0.08 per unit of volatility. If you would invest 10,139 in Mawer Canadien actions on November 27, 2024 and sell it today you would lose (111.00) from holding Mawer Canadien actions or give up 1.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI Global Health vs. Mawer Canadien actions
Performance |
| Timeline |
| CI Global Health |
| Mawer Canadien actions |
CI Global and Mawer Canadien Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Global and Mawer Canadien
The main advantage of trading using opposite CI Global and Mawer Canadien positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Global position performs unexpectedly, Mawer Canadien 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 Mawer Canadien will offset losses from the drop in Mawer Canadien's long position.| CI Global vs. CI Signature Cat | CI Global vs. CI Signature Cat | CI Global vs. CI Global Alpha | CI Global vs. RBC Global Technology |
| Mawer Canadien vs. CI Global Resource | Mawer Canadien vs. CI Global Unconstrained | Mawer Canadien vs. Renaissance Global Science | Mawer Canadien vs. Manulife Global Equity |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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