Correlation Between CI Global and Canadian High
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By analyzing existing cross correlation between CI Global Alpha and Canadian High Income, you can compare the effects of market volatilities on CI Global and Canadian High 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 Canadian High. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Global and Canadian High.
Diversification Opportunities for CI Global and Canadian High
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 0P000070HA and Canadian is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CI Global Alpha and Canadian High Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canadian High Income 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 Canadian High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canadian High Income has no effect on the direction of CI Global i.e., CI Global and Canadian High go up and down completely randomly.
Pair Corralation between CI Global and Canadian High
Assuming the 90 days trading horizon CI Global Alpha is expected to generate 1.28 times more return on investment than Canadian High. However, CI Global is 1.28 times more volatile than Canadian High Income. It trades about 0.13 of its potential returns per unit of risk. Canadian High Income is currently generating about 0.02 per unit of risk. If you would invest 5,164 in CI Global Alpha on October 28, 2024 and sell it today you would earn a total of 6,441 from holding CI Global Alpha or generate 124.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
CI Global Alpha vs. Canadian High Income
Performance |
| Timeline |
| CI Global Alpha |
| Canadian High Income |
CI Global and Canadian High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Global and Canadian High
The main advantage of trading using opposite CI Global and Canadian High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Global position performs unexpectedly, Canadian High 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 Canadian High will offset losses from the drop in Canadian High'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 |
| Canadian High vs. Blue Ribbon Income | Canadian High vs. MINT Income Fund | Canadian High vs. Energy Income | Canadian High vs. Brompton Lifeco Split |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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