Correlation Between TD Comfort and CI Synergy
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By analyzing existing cross correlation between TD Comfort Balanced and CI Synergy American, you can compare the effects of market volatilities on TD Comfort and CI Synergy 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 TD Comfort with a short position of CI Synergy. Check out your portfolio center. Please also check ongoing floating volatility patterns of TD Comfort and CI Synergy.
Diversification Opportunities for TD Comfort and CI Synergy
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between 0P0001FAU8 and 0P000075Q1 is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding TD Comfort Balanced and CI Synergy American in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Synergy American and TD Comfort 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 TD Comfort Balanced are associated (or correlated) with CI Synergy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Synergy American has no effect on the direction of TD Comfort i.e., TD Comfort and CI Synergy go up and down completely randomly.
Pair Corralation between TD Comfort and CI Synergy
Assuming the 90 days trading horizon TD Comfort is expected to generate 3.11 times less return on investment than CI Synergy. But when comparing it to its historical volatility, TD Comfort Balanced is 2.22 times less risky than CI Synergy. It trades about 0.08 of its potential returns per unit of risk. CI Synergy American is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 3,032 in CI Synergy American on December 4, 2024 and sell it today you would earn a total of 1,085 from holding CI Synergy American or generate 35.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 65.45% |
| Values | Daily Returns |
TD Comfort Balanced vs. CI Synergy American
Performance |
| Timeline |
| TD Comfort Balanced |
| CI Synergy American |
TD Comfort and CI Synergy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TD Comfort and CI Synergy
The main advantage of trading using opposite TD Comfort and CI Synergy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TD Comfort position performs unexpectedly, CI Synergy 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 Synergy will offset losses from the drop in CI Synergy's long position.| TD Comfort vs. Fidelity Tactical High | TD Comfort vs. Fidelity ClearPath 2045 | TD Comfort vs. Bloom Select Income | TD Comfort vs. Mackenzie Ivy European |
| CI Synergy vs. Edgepoint Cdn Growth | CI Synergy vs. Fidelity Small Cap | CI Synergy vs. Mawer Global Small | CI Synergy vs. TD Dividend Growth |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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