Correlation Between Fidelity Canadian and CI Global
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By analyzing existing cross correlation between Fidelity Canadian Growth and CI Global Resource, you can compare the effects of market volatilities on Fidelity Canadian 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 Canadian with a short position of CI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Canadian and CI Global.
Diversification Opportunities for Fidelity Canadian and CI Global
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Fidelity and 0P000070I2 is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Canadian Growth 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 Fidelity Canadian 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 Canadian Growth 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 Fidelity Canadian i.e., Fidelity Canadian and CI Global go up and down completely randomly.
Pair Corralation between Fidelity Canadian and CI Global
Assuming the 90 days trading horizon Fidelity Canadian Growth is expected to generate 0.54 times more return on investment than CI Global. However, Fidelity Canadian Growth is 1.87 times less risky than CI Global. It trades about 0.38 of its potential returns per unit of risk. CI Global Resource is currently generating about 0.11 per unit of risk. If you would invest 11,402 in Fidelity Canadian Growth on September 3, 2024 and sell it today you would earn a total of 1,734 from holding Fidelity Canadian Growth or generate 15.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fidelity Canadian Growth vs. CI Global Resource
Performance |
| Timeline |
| Fidelity Canadian Growth |
| CI Global Resource |
Fidelity Canadian and CI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Canadian and CI Global
The main advantage of trading using opposite Fidelity Canadian and CI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Canadian 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 Canadian vs. RBC Select Balanced | Fidelity Canadian vs. RBC Portefeuille de | Fidelity Canadian vs. Edgepoint Global Portfolio | Fidelity Canadian vs. TD Comfort Balanced |
| CI Global vs. Fidelity Tactical High | CI Global vs. Fidelity ClearPath 2045 | CI Global vs. Global Healthcare Income | CI Global vs. CI Global Alpha |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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