Correlation Between Rbc North and CI Synergy
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By analyzing existing cross correlation between Rbc North American and CI Synergy American, you can compare the effects of market volatilities on Rbc North and CI Synergy 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 North with a short position of CI Synergy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rbc North and CI Synergy.
Diversification Opportunities for Rbc North and CI Synergy
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Rbc and 0P000075Q1 is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Rbc North American and CI Synergy American in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Synergy American and Rbc North 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 North American are associated (or correlated) with CI Synergy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Synergy American has no effect on the direction of Rbc North i.e., Rbc North and CI Synergy go up and down completely randomly.
Pair Corralation between Rbc North and CI Synergy
Assuming the 90 days trading horizon Rbc North is expected to generate 2.0 times less return on investment than CI Synergy. But when comparing it to its historical volatility, Rbc North American is 2.15 times less risky than CI Synergy. It trades about 0.2 of its potential returns per unit of risk. CI Synergy American is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 4,147 in CI Synergy American on September 15, 2024 and sell it today you would earn a total of 115.00 from holding CI Synergy American or generate 2.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
Rbc North American vs. CI Synergy American
Performance |
| Timeline |
| Rbc North American |
| CI Synergy American |
Rbc North and CI Synergy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Rbc North and CI Synergy
The main advantage of trading using opposite Rbc North and CI Synergy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rbc North position performs unexpectedly, CI Synergy 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 Synergy will offset losses from the drop in CI Synergy's long position.| Rbc North vs. RBC Select Balanced | Rbc North vs. RBC Portefeuille de | Rbc North vs. Edgepoint Global Portfolio | Rbc North vs. TD Comfort Balanced |
| CI Synergy vs. RBC Select Balanced | CI Synergy vs. RBC Portefeuille de | CI Synergy vs. Edgepoint Global Portfolio | CI Synergy vs. TD Comfort Balanced |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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