Correlation Between CI Global and Phillips, Hager
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By analyzing existing cross correlation between CI Global Alpha and Phillips, Hager North, you can compare the effects of market volatilities on CI Global and Phillips, Hager 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 Phillips, Hager. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Global and Phillips, Hager.
Diversification Opportunities for CI Global and Phillips, Hager
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between 0P000070HA and Phillips, is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding CI Global Alpha and Phillips, Hager North in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Phillips, Hager North 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 Phillips, Hager. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Phillips, Hager North has no effect on the direction of CI Global i.e., CI Global and Phillips, Hager go up and down completely randomly.
Pair Corralation between CI Global and Phillips, Hager
Assuming the 90 days trading horizon CI Global Alpha is expected to generate 2.25 times more return on investment than Phillips, Hager. However, CI Global is 2.25 times more volatile than Phillips, Hager North. It trades about 0.24 of its potential returns per unit of risk. Phillips, Hager North is currently generating about 0.22 per unit of risk. If you would invest 10,391 in CI Global Alpha on September 15, 2024 and sell it today you would earn a total of 693.00 from holding CI Global Alpha or generate 6.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
CI Global Alpha vs. Phillips, Hager North
Performance |
| Timeline |
| CI Global Alpha |
| Phillips, Hager North |
CI Global and Phillips, Hager Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Global and Phillips, Hager
The main advantage of trading using opposite CI Global and Phillips, Hager positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Global position performs unexpectedly, Phillips, Hager 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 Phillips, Hager will offset losses from the drop in Phillips, Hager's long position.| CI Global vs. CI Signature Cat | CI Global vs. CI Signature Cat | CI Global vs. RBC Global Technology | CI Global vs. Fidelity Technology Innovators |
| Phillips, Hager vs. RBC Select Balanced | Phillips, Hager vs. RBC Portefeuille de | Phillips, Hager vs. Edgepoint Global Portfolio | Phillips, Hager vs. TD Comfort Balanced |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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