Correlation Between Tangerine Equity and CI Global
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By analyzing existing cross correlation between Tangerine Equity Growth and CI Global Alpha, you can compare the effects of market volatilities on Tangerine Equity and CI 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 Tangerine Equity with a short position of CI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tangerine Equity and CI Global.
Diversification Opportunities for Tangerine Equity and CI Global
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Tangerine and CIG18006 is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Tangerine Equity Growth and CI Global Alpha in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Global Alpha and Tangerine Equity 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 Tangerine Equity Growth are associated (or correlated) with CI Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Global Alpha has no effect on the direction of Tangerine Equity i.e., Tangerine Equity and CI Global go up and down completely randomly.
Pair Corralation between Tangerine Equity and CI Global
Assuming the 90 days trading horizon Tangerine Equity Growth is expected to generate 0.34 times more return on investment than CI Global. However, Tangerine Equity Growth is 2.98 times less risky than CI Global. It trades about 0.21 of its potential returns per unit of risk. CI Global Alpha is currently generating about 0.0 per unit of risk. If you would invest 1,465 in Tangerine Equity Growth on November 5, 2024 and sell it today you would earn a total of 39.00 from holding Tangerine Equity Growth or generate 2.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tangerine Equity Growth vs. CI Global Alpha
Performance |
| Timeline |
| Tangerine Equity Growth |
| CI Global Alpha |
Tangerine Equity and CI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tangerine Equity and CI Global
The main advantage of trading using opposite Tangerine Equity and CI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tangerine Equity position performs unexpectedly, CI 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 CI Global will offset losses from the drop in CI Global's long position.| Tangerine Equity vs. RBC Canadian Equity | Tangerine Equity vs. Manulife Global Equity | Tangerine Equity vs. Fidelity Global Equity | Tangerine Equity vs. Dynamic Global Fixed |
| CI Global vs. Global Healthcare Income | CI Global vs. CI Global Alpha | CI Global vs. CDSPI Global Growth | CI Global vs. Invesco Global Companies |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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