Correlation Between Fidelity Technology and CI Global
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By analyzing existing cross correlation between Fidelity Technology Innovators and CI Global Alpha, you can compare the effects of market volatilities on Fidelity Technology and CI Global 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 Fidelity Technology with a short position of CI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Technology and CI Global.
Diversification Opportunities for Fidelity Technology and CI Global
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Fidelity and 0P000070HA is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Technology Innovators and CI Global Alpha in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Global Alpha and Fidelity Technology 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 Fidelity Technology Innovators are associated (or correlated) with CI Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Global Alpha has no effect on the direction of Fidelity Technology i.e., Fidelity Technology and CI Global go up and down completely randomly.
Pair Corralation between Fidelity Technology and CI Global
Assuming the 90 days trading horizon Fidelity Technology is expected to generate 1.7 times less return on investment than CI Global. But when comparing it to its historical volatility, Fidelity Technology Innovators is 1.55 times less risky than CI Global. It trades about 0.12 of its potential returns per unit of risk. CI Global Alpha is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 4,609 in CI Global Alpha on August 29, 2024 and sell it today you would earn a total of 5,840 from holding CI Global Alpha or generate 126.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.8% |
| Values | Daily Returns |
Fidelity Technology Innovators vs. CI Global Alpha
Performance |
| Timeline |
| Fidelity Technology |
| CI Global Alpha |
Fidelity Technology and CI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Technology and CI Global
The main advantage of trading using opposite Fidelity Technology and CI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Technology position performs unexpectedly, CI Global 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 CI Global will offset losses from the drop in CI Global's long position.| Fidelity Technology vs. Fidelity Tactical High | Fidelity Technology vs. Fidelity ClearPath 2045 | Fidelity Technology vs. Fidelity Small Cap | Fidelity Technology vs. Fidelity Canadian Growth |
| CI Global vs. CI Signature Cat | CI Global vs. Fidelity Technology Innovators | CI Global vs. CI Global Health |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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