Correlation Between CI Global and Picton Mahoney
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By analyzing existing cross correlation between CI Global Alpha and Picton Mahoney Fortified, you can compare the effects of market volatilities on CI Global and Picton Mahoney 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 Picton Mahoney. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Global and Picton Mahoney.
Diversification Opportunities for CI Global and Picton Mahoney
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between 0P000070HA and Picton is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding CI Global Alpha and Picton Mahoney Fortified in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Picton Mahoney Fortified 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 Picton Mahoney. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Picton Mahoney Fortified has no effect on the direction of CI Global i.e., CI Global and Picton Mahoney go up and down completely randomly.
Pair Corralation between CI Global and Picton Mahoney
Assuming the 90 days trading horizon CI Global Alpha is expected to generate 14.73 times more return on investment than Picton Mahoney. However, CI Global is 14.73 times more volatile than Picton Mahoney Fortified. It trades about 0.44 of its potential returns per unit of risk. Picton Mahoney Fortified is currently generating about 0.3 per unit of risk. If you would invest 9,284 in CI Global Alpha on September 4, 2024 and sell it today you would earn a total of 1,207 from holding CI Global Alpha or generate 13.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 52.38% |
| Values | Daily Returns |
CI Global Alpha vs. Picton Mahoney Fortified
Performance |
| Timeline |
| CI Global Alpha |
| Picton Mahoney Fortified |
CI Global and Picton Mahoney Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Global and Picton Mahoney
The main advantage of trading using opposite CI Global and Picton Mahoney positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Global position performs unexpectedly, Picton Mahoney 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 Picton Mahoney will offset losses from the drop in Picton Mahoney's long position.| CI Global vs. Global Healthcare Income | CI Global vs. CI Global Alpha | CI Global vs. Manulife Global Equity | CI Global vs. Fidelity Global Equity |
| Picton Mahoney vs. Fidelity Tactical High | Picton Mahoney vs. Fidelity ClearPath 2045 | Picton Mahoney vs. Bloom Select Income | Picton Mahoney vs. Global Healthcare Income |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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