Correlation Between AGF American and Fidelity Canadian
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By analyzing existing cross correlation between AGF American Growth and Fidelity Canadian Growth, you can compare the effects of market volatilities on AGF American and Fidelity Canadian 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 Fidelity Canadian. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGF American and Fidelity Canadian.
Diversification Opportunities for AGF American and Fidelity Canadian
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between AGF and Fidelity is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding AGF American Growth and Fidelity Canadian Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Canadian Growth 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 Fidelity Canadian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Canadian Growth has no effect on the direction of AGF American i.e., AGF American and Fidelity Canadian go up and down completely randomly.
Pair Corralation between AGF American and Fidelity Canadian
Assuming the 90 days trading horizon AGF American Growth is expected to generate 1.15 times more return on investment than Fidelity Canadian. However, AGF American is 1.15 times more volatile than Fidelity Canadian Growth. It trades about 0.17 of its potential returns per unit of risk. Fidelity Canadian Growth is currently generating about 0.12 per unit of risk. If you would invest 5,949 in AGF American Growth on September 3, 2024 and sell it today you would earn a total of 1,351 from holding AGF American Growth or generate 22.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.21% |
| Values | Daily Returns |
AGF American Growth vs. Fidelity Canadian Growth
Performance |
| Timeline |
| AGF American Growth |
| Fidelity Canadian Growth |
AGF American and Fidelity Canadian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGF American and Fidelity Canadian
The main advantage of trading using opposite AGF American and Fidelity Canadian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGF American position performs unexpectedly, Fidelity Canadian 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 Fidelity Canadian will offset losses from the drop in Fidelity Canadian's long position.| AGF American vs. RBC Select Balanced | AGF American vs. RBC Portefeuille de | AGF American vs. Edgepoint Global Portfolio | AGF American vs. TD Comfort Balanced |
| Fidelity Canadian vs. RBC Select Balanced | Fidelity Canadian vs. RBC Portefeuille de | Fidelity Canadian vs. Edgepoint Global Portfolio | Fidelity Canadian vs. TD Comfort Balanced |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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