Correlation Between CI Global and CI Black
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By analyzing existing cross correlation between CI Global Health and CI Black Creek, you can compare the effects of market volatilities on CI Global and CI Black 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 CI Black. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Global and CI Black.
Diversification Opportunities for CI Global and CI Black
Average diversification
The 3 months correlation between 0P000070H9 and 0P0000752C is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding CI Global Health and CI Black Creek in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Black Creek 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 CI Black. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Black Creek has no effect on the direction of CI Global i.e., CI Global and CI Black go up and down completely randomly.
Pair Corralation between CI Global and CI Black
Assuming the 90 days trading horizon CI Global Health is expected to under-perform the CI Black. In addition to that, CI Global is 1.25 times more volatile than CI Black Creek. It trades about -0.1 of its total potential returns per unit of risk. CI Black Creek is currently generating about 0.03 per unit of volatility. If you would invest 1,676 in CI Black Creek on September 12, 2024 and sell it today you would earn a total of 7.00 from holding CI Black Creek or generate 0.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI Global Health vs. CI Black Creek
Performance |
| Timeline |
| CI Global Health |
| CI Black Creek |
CI Global and CI Black Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Global and CI Black
The main advantage of trading using opposite CI Global and CI Black positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Global position performs unexpectedly, CI Black 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 CI Black will offset losses from the drop in CI Black'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 |
| CI Black vs. Edgepoint Global Portfolio | CI Black vs. RBC Global Equity | CI Black vs. Invesco Global Companies | CI Black vs. TD Comfort Aggressive |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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