Correlation Between RBC Global and CI Global
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By analyzing existing cross correlation between RBC Global Technology and CI Global Alpha, you can compare the effects of market volatilities on RBC Global 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 RBC Global with a short position of CI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of RBC Global and CI Global.
Diversification Opportunities for RBC Global and CI Global
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between RBC and 0P000070HA is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding RBC Global Technology 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 RBC 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 RBC Global Technology 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 RBC Global i.e., RBC Global and CI Global go up and down completely randomly.
Pair Corralation between RBC Global and CI Global
Assuming the 90 days trading horizon RBC Global is expected to generate 1.4 times less return on investment than CI Global. But when comparing it to its historical volatility, RBC Global Technology is 1.34 times less risky than CI Global. It trades about 0.33 of its potential returns per unit of risk. CI Global Alpha is currently generating about 0.34 of returns per unit of risk over similar time horizon. If you would invest 10,196 in CI Global Alpha on September 18, 2024 and sell it today you would earn a total of 970.00 from holding CI Global Alpha or generate 9.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
RBC Global Technology vs. CI Global Alpha
Performance |
| Timeline |
| RBC Global Technology |
| CI Global Alpha |
RBC Global and CI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with RBC Global and CI Global
The main advantage of trading using opposite RBC Global and CI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if RBC Global 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.| RBC Global vs. CI Signature Cat | RBC Global vs. CI Signature Cat | RBC Global vs. CI Global Alpha | RBC Global vs. Fidelity Technology Innovators |
| CI Global vs. CI Signature Cat | CI Global vs. CI Signature Cat | CI Global vs. RBC Global Technology | CI Global vs. Fidelity Technology Innovators |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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