Correlation Between Edgepoint Canadian and CI Global
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By analyzing existing cross correlation between Edgepoint Canadian Portfolio and CI Global Alpha, you can compare the effects of market volatilities on Edgepoint Canadian 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 Edgepoint Canadian with a short position of CI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Edgepoint Canadian and CI Global.
Diversification Opportunities for Edgepoint Canadian and CI Global
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Edgepoint and CIG18006 is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Edgepoint Canadian Portfolio 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 Edgepoint 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 Edgepoint Canadian Portfolio 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 Edgepoint Canadian i.e., Edgepoint Canadian and CI Global go up and down completely randomly.
Pair Corralation between Edgepoint Canadian and CI Global
Assuming the 90 days trading horizon Edgepoint Canadian is expected to generate 1.89 times less return on investment than CI Global. But when comparing it to its historical volatility, Edgepoint Canadian Portfolio is 2.22 times less risky than CI Global. It trades about 0.33 of its potential returns per unit of risk. CI Global Alpha is currently generating about 0.28 of returns per unit of risk over similar time horizon. If you would invest 8,375 in CI Global Alpha on September 4, 2024 and sell it today you would earn a total of 2,116 from holding CI Global Alpha or generate 25.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 98.41% |
| Values | Daily Returns |
Edgepoint Canadian Portfolio vs. CI Global Alpha
Performance |
| Timeline |
| Edgepoint Canadian |
| CI Global Alpha |
Edgepoint Canadian and CI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Edgepoint Canadian and CI Global
The main advantage of trading using opposite Edgepoint Canadian and CI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Edgepoint Canadian 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.| Edgepoint Canadian vs. Edgepoint Global Portfolio | Edgepoint Canadian vs. Edgepoint Global Portfolio | Edgepoint Canadian vs. Fidelity Tactical High | Edgepoint Canadian vs. Fidelity ClearPath 2045 |
| CI Global vs. Global Healthcare Income | CI Global vs. CI Global Alpha | CI Global vs. Manulife Global Equity | CI Global vs. Fidelity Global Equity |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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