Correlation Between CI Synergy and Canadian High
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By analyzing existing cross correlation between CI Synergy American and Canadian High Income, you can compare the effects of market volatilities on CI Synergy and Canadian High 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 Canadian High. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Synergy and Canadian High.
Diversification Opportunities for CI Synergy and Canadian High
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 0P000075Q1 and Canadian is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CI Synergy American and Canadian High Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canadian High Income 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 Canadian High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canadian High Income has no effect on the direction of CI Synergy i.e., CI Synergy and Canadian High go up and down completely randomly.
Pair Corralation between CI Synergy and Canadian High
Assuming the 90 days trading horizon CI Synergy American is expected to generate 0.76 times more return on investment than Canadian High. However, CI Synergy American is 1.32 times less risky than Canadian High. It trades about 0.15 of its potential returns per unit of risk. Canadian High Income is currently generating about 0.02 per unit of risk. If you would invest 3,032 in CI Synergy American on October 14, 2024 and sell it today you would earn a total of 1,217 from holding CI Synergy American or generate 40.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 58.27% |
| Values | Daily Returns |
CI Synergy American vs. Canadian High Income
Performance |
| Timeline |
| CI Synergy American |
| Canadian High Income |
CI Synergy and Canadian High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Synergy and Canadian High
The main advantage of trading using opposite CI Synergy and Canadian High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Synergy position performs unexpectedly, Canadian High 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 Canadian High will offset losses from the drop in Canadian High's long position.| CI Synergy vs. RBC Select Balanced | CI Synergy vs. PIMCO Monthly Income | CI Synergy vs. RBC Portefeuille de | CI Synergy vs. Edgepoint Global Portfolio |
| Canadian High vs. Blue Ribbon Income | Canadian High vs. MINT Income Fund | Canadian High vs. Energy Income | Canadian High vs. Brompton Lifeco Split |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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