Correlation Between Altagas Cum and CI Global
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By analyzing existing cross correlation between Altagas Cum Red and CI Global Resource, you can compare the effects of market volatilities on Altagas Cum 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 Altagas Cum with a short position of CI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Altagas Cum and CI Global.
Diversification Opportunities for Altagas Cum and CI Global
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Altagas and 0P000070I2 is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Altagas Cum Red 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 Altagas Cum 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 Altagas Cum Red 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 Altagas Cum i.e., Altagas Cum and CI Global go up and down completely randomly.
Pair Corralation between Altagas Cum and CI Global
Assuming the 90 days trading horizon Altagas Cum Red is expected to generate 0.75 times more return on investment than CI Global. However, Altagas Cum Red is 1.33 times less risky than CI Global. It trades about 0.39 of its potential returns per unit of risk. CI Global Resource is currently generating about -0.01 per unit of risk. If you would invest 1,859 in Altagas Cum Red on September 12, 2024 and sell it today you would earn a total of 116.00 from holding Altagas Cum Red or generate 6.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Altagas Cum Red vs. CI Global Resource
Performance |
| Timeline |
| Altagas Cum Red |
| CI Global Resource |
Altagas Cum and CI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Altagas Cum and CI Global
The main advantage of trading using opposite Altagas Cum and CI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Altagas Cum 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.| Altagas Cum vs. TGS Esports | Altagas Cum vs. Identillect Technologies Corp | Altagas Cum vs. UnitedHealth Group CDR | Altagas Cum vs. NeuPath Health |
| CI Global vs. BMO Aggregate Bond | CI Global vs. iShares Canadian HYBrid | CI Global vs. Brompton European Dividend | CI Global vs. Solar Alliance Energy |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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