Correlation Between RBC Global and CI Gold
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By analyzing existing cross correlation between RBC Global Equity and CI Gold Bullion, you can compare the effects of market volatilities on RBC Global and CI Gold 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 Global with a short position of CI Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of RBC Global and CI Gold.
Diversification Opportunities for RBC Global and CI Gold
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between RBC and VALT-B is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding RBC Global Equity and CI Gold Bullion in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Gold Bullion and RBC Global 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 Global Equity are associated (or correlated) with CI Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Gold Bullion has no effect on the direction of RBC Global i.e., RBC Global and CI Gold go up and down completely randomly.
Pair Corralation between RBC Global and CI Gold
Assuming the 90 days trading horizon RBC Global is expected to generate 1.33 times less return on investment than CI Gold. In addition to that, RBC Global is 1.27 times more volatile than CI Gold Bullion. It trades about 0.2 of its total potential returns per unit of risk. CI Gold Bullion is currently generating about 0.35 per unit of volatility. If you would invest 3,804 in CI Gold Bullion on November 2, 2024 and sell it today you would earn a total of 197.00 from holding CI Gold Bullion or generate 5.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
RBC Global Equity vs. CI Gold Bullion
Performance |
| Timeline |
| RBC Global Equity |
| CI Gold Bullion |
RBC Global and CI Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with RBC Global and CI Gold
The main advantage of trading using opposite RBC Global and CI Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if RBC Global position performs unexpectedly, CI Gold 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 Gold will offset losses from the drop in CI Gold's long position.| RBC Global vs. Edgepoint Global Portfolio | RBC Global vs. Invesco Global Companies | RBC Global vs. Manulife Global Equity | RBC Global vs. CI Black Creek |
| CI Gold vs. RBC Select Balanced | CI Gold vs. PIMCO Monthly Income | CI Gold vs. RBC Portefeuille de | CI Gold vs. Edgepoint Global Portfolio |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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