Correlation Between CI Synergy and CI Global
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By analyzing existing cross correlation between CI Synergy American and CI Global Alpha, you can compare the effects of market volatilities on CI Synergy 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 CI Synergy with a short position of CI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Synergy and CI Global.
Diversification Opportunities for CI Synergy and CI Global
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between 0P000075Q1 and 0P000070HA is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding CI Synergy American 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 CI Synergy 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 Synergy American 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 CI Synergy i.e., CI Synergy and CI Global go up and down completely randomly.
Pair Corralation between CI Synergy and CI Global
Assuming the 90 days trading horizon CI Synergy is expected to generate 2.38 times less return on investment than CI Global. But when comparing it to its historical volatility, CI Synergy American is 1.85 times less risky than CI Global. It trades about 0.19 of its potential returns per unit of risk. CI Global Alpha is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 10,391 in CI Global Alpha on September 15, 2024 and sell it today you would earn a total of 693.00 from holding CI Global Alpha or generate 6.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI Synergy American vs. CI Global Alpha
Performance |
| Timeline |
| CI Synergy American |
| CI Global Alpha |
CI Synergy and CI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Synergy and CI Global
The main advantage of trading using opposite CI Synergy and CI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Synergy 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.| CI Synergy vs. RBC Select Balanced | CI Synergy vs. RBC Portefeuille de | CI Synergy vs. Edgepoint Global Portfolio | CI Synergy vs. TD Comfort Balanced |
| 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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