Correlation Between Fidelity ClearPath and CI Global
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By analyzing existing cross correlation between Fidelity ClearPath 2045 and CI Global Alpha, you can compare the effects of market volatilities on Fidelity ClearPath 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 ClearPath with a short position of CI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity ClearPath and CI Global.
Diversification Opportunities for Fidelity ClearPath and CI Global
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Fidelity and 0P000070HA is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity ClearPath 2045 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 Fidelity ClearPath 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 ClearPath 2045 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 Fidelity ClearPath i.e., Fidelity ClearPath and CI Global go up and down completely randomly.
Pair Corralation between Fidelity ClearPath and CI Global
Assuming the 90 days trading horizon Fidelity ClearPath 2045 is expected to generate 0.51 times more return on investment than CI Global. However, Fidelity ClearPath 2045 is 1.95 times less risky than CI Global. It trades about -0.2 of its potential returns per unit of risk. CI Global Alpha is currently generating about -0.22 per unit of risk. If you would invest 2,683 in Fidelity ClearPath 2045 on January 6, 2025 and sell it today you would lose (154.00) from holding Fidelity ClearPath 2045 or give up 5.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fidelity ClearPath 2045 vs. CI Global Alpha
Performance |
| Timeline |
| Fidelity ClearPath 2045 |
| CI Global Alpha |
Fidelity ClearPath and CI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity ClearPath and CI Global
The main advantage of trading using opposite Fidelity ClearPath and CI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity ClearPath 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 ClearPath vs. Fidelity Small Cap | Fidelity ClearPath vs. Mawer Global Small | Fidelity ClearPath vs. CDSPI Global Growth |
| CI Global vs. Global Healthcare Income | CI Global vs. CI Global Alpha | CI Global vs. CDSPI Global Growth | CI Global vs. Invesco Global Companies |
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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