Correlation Between CI Global and IShares Canadian
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By analyzing existing cross correlation between CI Global Resource and iShares Canadian HYBrid, you can compare the effects of market volatilities on CI Global and IShares Canadian 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 IShares Canadian. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Global and IShares Canadian.
Diversification Opportunities for CI Global and IShares Canadian
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 0P000070I2 and IShares is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding CI Global Resource and iShares Canadian HYBrid in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iShares Canadian HYBrid 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 Resource are associated (or correlated) with IShares Canadian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares Canadian HYBrid has no effect on the direction of CI Global i.e., CI Global and IShares Canadian go up and down completely randomly.
Pair Corralation between CI Global and IShares Canadian
Assuming the 90 days trading horizon CI Global Resource is expected to under-perform the IShares Canadian. In addition to that, CI Global is 2.72 times more volatile than iShares Canadian HYBrid. It trades about -0.01 of its total potential returns per unit of risk. iShares Canadian HYBrid is currently generating about 0.17 per unit of volatility. If you would invest 1,973 in iShares Canadian HYBrid on September 12, 2024 and sell it today you would earn a total of 25.00 from holding iShares Canadian HYBrid or generate 1.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
CI Global Resource vs. iShares Canadian HYBrid
Performance |
| Timeline |
| CI Global Resource |
| iShares Canadian HYBrid |
CI Global and IShares Canadian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Global and IShares Canadian
The main advantage of trading using opposite CI Global and IShares Canadian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Global position performs unexpectedly, IShares Canadian 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 IShares Canadian will offset losses from the drop in IShares Canadian's long position.| CI Global vs. BMO Aggregate Bond | CI Global vs. iShares Canadian HYBrid | CI Global vs. Brompton European Dividend | CI Global vs. Solar Alliance Energy |
| IShares Canadian vs. iShares IG Corporate | IShares Canadian vs. iShares High Yield | IShares Canadian vs. iShares Floating Rate | IShares Canadian vs. iShares JP Morgan |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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