Correlation Between RBC Canadian and CI Signature
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By analyzing existing cross correlation between RBC Canadian Equity and CI Signature Cat, you can compare the effects of market volatilities on RBC Canadian and CI Signature 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 Canadian with a short position of CI Signature. Check out your portfolio center. Please also check ongoing floating volatility patterns of RBC Canadian and CI Signature.
Diversification Opportunities for RBC Canadian and CI Signature
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between RBC and 0P0001FKWD is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding RBC Canadian Equity and CI Signature Cat in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Signature Cat and RBC 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 RBC Canadian Equity are associated (or correlated) with CI Signature. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Signature Cat has no effect on the direction of RBC Canadian i.e., RBC Canadian and CI Signature go up and down completely randomly.
Pair Corralation between RBC Canadian and CI Signature
Assuming the 90 days trading horizon RBC Canadian Equity is expected to generate 0.25 times more return on investment than CI Signature. However, RBC Canadian Equity is 4.0 times less risky than CI Signature. It trades about 0.12 of its potential returns per unit of risk. CI Signature Cat is currently generating about -0.01 per unit of risk. If you would invest 3,317 in RBC Canadian Equity on November 6, 2024 and sell it today you would earn a total of 35.00 from holding RBC Canadian Equity or generate 1.06% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 90.48% |
Values | Daily Returns |
RBC Canadian Equity vs. CI Signature Cat
Performance |
Timeline |
RBC Canadian Equity |
CI Signature Cat |
RBC Canadian and CI Signature Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with RBC Canadian and CI Signature
The main advantage of trading using opposite RBC Canadian and CI Signature positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if RBC Canadian position performs unexpectedly, CI Signature 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 Signature will offset losses from the drop in CI Signature's long position.RBC Canadian vs. Tangerine Equity Growth | RBC Canadian vs. Manulife Global Equity | RBC Canadian vs. Fidelity Global Equity | RBC Canadian vs. Dynamic Global Fixed |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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