Correlation Between CI Global and TD Index
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By analyzing existing cross correlation between CI Global Alpha and TD Index Fund, you can compare the effects of market volatilities on CI Global and TD Index 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 TD Index. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Global and TD Index.
Diversification Opportunities for CI Global and TD Index
Almost no diversification
The 3 months correlation between 0P000070HA and 0P000071W8 is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding CI Global Alpha and TD Index Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TD Index Fund 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 Alpha are associated (or correlated) with TD Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TD Index Fund has no effect on the direction of CI Global i.e., CI Global and TD Index go up and down completely randomly.
Pair Corralation between CI Global and TD Index
Assuming the 90 days trading horizon CI Global Alpha is expected to generate 1.68 times more return on investment than TD Index. However, CI Global is 1.68 times more volatile than TD Index Fund. It trades about 0.2 of its potential returns per unit of risk. TD Index Fund is currently generating about 0.14 per unit of risk. If you would invest 9,515 in CI Global Alpha on October 26, 2024 and sell it today you would earn a total of 1,831 from holding CI Global Alpha or generate 19.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 98.36% |
| Values | Daily Returns |
CI Global Alpha vs. TD Index Fund
Performance |
| Timeline |
| CI Global Alpha |
| TD Index Fund |
CI Global and TD Index Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Global and TD Index
The main advantage of trading using opposite CI Global and TD Index positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Global position performs unexpectedly, TD Index 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 TD Index will offset losses from the drop in TD Index's long position.| CI Global vs. Global Healthcare Income | CI Global vs. CI Global Alpha | CI Global vs. CDSPI Global Growth | CI Global vs. Invesco Global Companies |
| TD Index vs. Fidelity Tactical High | TD Index vs. Bloom Select Income | TD Index vs. Dynamic Alternative Yield | TD Index vs. RBC Canadian 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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