Correlation Between CI Signature and RBC Global
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By analyzing existing cross correlation between CI Signature Cat and RBC Global Technology, you can compare the effects of market volatilities on CI Signature and RBC 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 CI Signature with a short position of RBC Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Signature and RBC Global.
Diversification Opportunities for CI Signature and RBC Global
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between 0P0001FKWD and RBC is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding CI Signature Cat and RBC Global Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RBC Global Technology 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 Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RBC Global Technology has no effect on the direction of CI Signature i.e., CI Signature and RBC Global go up and down completely randomly.
Pair Corralation between CI Signature and RBC Global
Assuming the 90 days trading horizon CI Signature Cat is expected to generate 1.29 times more return on investment than RBC Global. However, CI Signature is 1.29 times more volatile than RBC Global Technology. It trades about 0.28 of its potential returns per unit of risk. RBC Global Technology is currently generating about 0.1 per unit of risk. If you would invest 3,326 in CI Signature Cat on August 29, 2024 and sell it today you would earn a total of 327.00 from holding CI Signature Cat or generate 9.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI Signature Cat vs. RBC Global Technology
Performance |
| Timeline |
| CI Signature Cat |
| RBC Global Technology |
CI Signature and RBC Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Signature and RBC Global
The main advantage of trading using opposite CI Signature and RBC Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Signature position performs unexpectedly, RBC 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 RBC Global will offset losses from the drop in RBC Global's long position.| CI Signature vs. Fidelity Tactical High | CI Signature vs. Fidelity ClearPath 2045 | CI Signature vs. Bloom Select Income | CI Signature vs. Global Healthcare Income |
| RBC Global vs. CI Signature Cat | RBC Global vs. CI Global Alpha | RBC Global vs. Fidelity Technology Innovators | RBC Global vs. CI Global Health |
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 Stocks Directory module to find actively traded stocks across global markets.
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