Correlation Between TD Comfort and Global Iman
Specify exactly 2 symbols:
By analyzing existing cross correlation between TD Comfort Balanced and Global Iman Fund, you can compare the effects of market volatilities on TD Comfort and Global Iman 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 Global Iman. Check out your portfolio center. Please also check ongoing floating volatility patterns of TD Comfort and Global Iman.
Diversification Opportunities for TD Comfort and Global Iman
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 0P0001FAU8 and Global is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding TD Comfort Balanced and Global Iman Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Iman Fund 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 Global Iman. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Iman Fund has no effect on the direction of TD Comfort i.e., TD Comfort and Global Iman go up and down completely randomly.
Pair Corralation between TD Comfort and Global Iman
Assuming the 90 days trading horizon TD Comfort is expected to generate 2.22 times less return on investment than Global Iman. But when comparing it to its historical volatility, TD Comfort Balanced is 2.44 times less risky than Global Iman. It trades about 0.11 of its potential returns per unit of risk. Global Iman Fund is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 3,231 in Global Iman Fund on September 2, 2024 and sell it today you would earn a total of 1,205 from holding Global Iman Fund or generate 37.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
TD Comfort Balanced vs. Global Iman Fund
Performance |
| Timeline |
| TD Comfort Balanced |
| Global Iman Fund |
TD Comfort and Global Iman Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TD Comfort and Global Iman
The main advantage of trading using opposite TD Comfort and Global Iman positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TD Comfort position performs unexpectedly, Global Iman 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 Global Iman will offset losses from the drop in Global Iman's long position.| TD Comfort vs. BMO Aggregate Bond | TD Comfort vs. iShares Canadian HYBrid | TD Comfort vs. Brompton European Dividend | TD Comfort vs. Solar Alliance Energy |
| Global Iman vs. Dynamic Global Fixed | Global Iman vs. Rbc North American | Global Iman vs. Picton Mahoney Fortified | Global Iman vs. Desjardins Sustainable Maximum |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |