Correlation Between RBC Global and CI Global
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By analyzing existing cross correlation between RBC Global Technology and CI Global Resource, 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
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between RBC and 0P000070I2 is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding RBC Global Technology and CI Global Resource in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Global Resource 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 Resource 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 Technology is expected to generate 1.94 times more return on investment than CI Global. However, RBC Global is 1.94 times more volatile than CI Global Resource. It trades about 0.08 of its potential returns per unit of risk. CI Global Resource is currently generating about 0.1 per unit of risk. If you would invest 1,817 in RBC Global Technology on November 3, 2024 and sell it today you would earn a total of 45.00 from holding RBC Global Technology or generate 2.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
RBC Global Technology vs. CI Global Resource
Performance |
| Timeline |
| RBC Global Technology |
| CI Global Resource |
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. Fidelity Technology Innovators | RBC Global vs. Fidelity Tactical High | RBC Global vs. Fidelity ClearPath 2045 | RBC Global vs. Bloom Select Income |
| CI Global vs. Dynamic Global Fixed | CI Global vs. Mawer Global Equity | CI Global vs. CDSPI Canadian Equity | CI Global vs. PHN Canadian Equity |
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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