Correlation Between AGF American and CI Global
Specify exactly 2 symbols:
By analyzing existing cross correlation between AGF American Growth and CI Global Resource, you can compare the effects of market volatilities on AGF American 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 AGF American with a short position of CI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGF American and CI Global.
Diversification Opportunities for AGF American and CI Global
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between AGF and 0P000070I2 is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding AGF American Growth and CI Global Resource in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Global Resource and AGF American 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 AGF American 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 Resource has no effect on the direction of AGF American i.e., AGF American and CI Global go up and down completely randomly.
Pair Corralation between AGF American and CI Global
Assuming the 90 days trading horizon AGF American is expected to generate 1.27 times less return on investment than CI Global. In addition to that, AGF American is 1.4 times more volatile than CI Global Resource. It trades about 0.23 of its total potential returns per unit of risk. CI Global Resource is currently generating about 0.41 per unit of volatility. If you would invest 2,788 in CI Global Resource on October 22, 2024 and sell it today you would earn a total of 157.00 from holding CI Global Resource or generate 5.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
AGF American Growth vs. CI Global Resource
Performance |
| Timeline |
| AGF American Growth |
| CI Global Resource |
AGF American and CI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGF American and CI Global
The main advantage of trading using opposite AGF American and CI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGF American 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.| AGF American vs. RBC Select Balanced | AGF American vs. PIMCO Monthly Income | AGF American vs. RBC Portefeuille de | AGF American vs. Edgepoint Global Portfolio |
| CI Global vs. Mackenzie Canadian Growth | CI Global vs. AGF American Growth | CI Global vs. Fidelity Canadian Growth | CI Global vs. CDSPI Global 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |