Correlation Between CI Global and Ninepoint Energy
Specify exactly 2 symbols:
By analyzing existing cross correlation between CI Global Alpha and Ninepoint Energy, you can compare the effects of market volatilities on CI Global and Ninepoint Energy 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 Ninepoint Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Global and Ninepoint Energy.
Diversification Opportunities for CI Global and Ninepoint Energy
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 0P000070HA and Ninepoint is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding CI Global Alpha and Ninepoint Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ninepoint Energy 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 Ninepoint Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ninepoint Energy has no effect on the direction of CI Global i.e., CI Global and Ninepoint Energy go up and down completely randomly.
Pair Corralation between CI Global and Ninepoint Energy
Assuming the 90 days trading horizon CI Global Alpha is expected to generate 1.06 times more return on investment than Ninepoint Energy. However, CI Global is 1.06 times more volatile than Ninepoint Energy. It trades about 0.42 of its potential returns per unit of risk. Ninepoint Energy is currently generating about 0.13 per unit of risk. If you would invest 9,284 in CI Global Alpha on September 3, 2024 and sell it today you would earn a total of 1,096 from holding CI Global Alpha or generate 11.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
CI Global Alpha vs. Ninepoint Energy
Performance |
| Timeline |
| CI Global Alpha |
| Ninepoint Energy |
CI Global and Ninepoint Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Global and Ninepoint Energy
The main advantage of trading using opposite CI Global and Ninepoint Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Global position performs unexpectedly, Ninepoint Energy 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 Ninepoint Energy will offset losses from the drop in Ninepoint Energy's long position.| CI Global vs. Fidelity Tactical High | CI Global vs. Fidelity ClearPath 2045 | CI Global vs. Global Healthcare Income | CI Global vs. CI Global Alpha |
| Ninepoint Energy vs. Fidelity Tactical High | Ninepoint Energy vs. Fidelity ClearPath 2045 | Ninepoint Energy vs. Global Healthcare Income | Ninepoint Energy vs. CI Global Alpha |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |