Correlation Between CI Signature and RBC Canadian
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By analyzing existing cross correlation between CI Signature Cat and RBC Canadian Equity, you can compare the effects of market volatilities on CI Signature and RBC Canadian 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 CI Signature with a short position of RBC Canadian. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Signature and RBC Canadian.
Diversification Opportunities for CI Signature and RBC Canadian
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between 0P0001AAKP and RBC is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding CI Signature Cat and RBC Canadian Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RBC Canadian Equity and CI Signature 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 CI Signature Cat are associated (or correlated) with RBC Canadian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RBC Canadian Equity has no effect on the direction of CI Signature i.e., CI Signature and RBC Canadian go up and down completely randomly.
Pair Corralation between CI Signature and RBC Canadian
Assuming the 90 days trading horizon CI Signature Cat is expected to generate 2.79 times more return on investment than RBC Canadian. However, CI Signature is 2.79 times more volatile than RBC Canadian Equity. It trades about 0.1 of its potential returns per unit of risk. RBC Canadian Equity is currently generating about 0.2 per unit of risk. If you would invest 3,910 in CI Signature Cat on October 26, 2024 and sell it today you would earn a total of 100.00 from holding CI Signature Cat or generate 2.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI Signature Cat vs. RBC Canadian Equity
Performance |
| Timeline |
| CI Signature Cat |
| RBC Canadian Equity |
CI Signature and RBC Canadian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Signature and RBC Canadian
The main advantage of trading using opposite CI Signature and RBC Canadian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Signature position performs unexpectedly, RBC Canadian 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 RBC Canadian will offset losses from the drop in RBC Canadian's long position.| CI Signature vs. Fidelity Tactical High | CI Signature vs. Fidelity ClearPath 2045 | CI Signature vs. Bloom Select Income | CI Signature vs. Mackenzie Ivy European |
| RBC Canadian vs. TD Dividend Growth | RBC Canadian vs. BMO Aggregate Bond | RBC Canadian vs. iShares Canadian HYBrid | RBC Canadian vs. Brompton European Dividend |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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