Correlation Between Bloom Select and CI Signature
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By analyzing existing cross correlation between Bloom Select Income and CI Signature Cat, you can compare the effects of market volatilities on Bloom Select and CI Signature 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 Bloom Select with a short position of CI Signature. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloom Select and CI Signature.
Diversification Opportunities for Bloom Select and CI Signature
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bloom and 0P0001FKWD is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Bloom Select Income and CI Signature Cat in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Signature Cat and Bloom Select 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 Bloom Select Income are associated (or correlated) with CI Signature. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Signature Cat has no effect on the direction of Bloom Select i.e., Bloom Select and CI Signature go up and down completely randomly.
Pair Corralation between Bloom Select and CI Signature
Assuming the 90 days trading horizon Bloom Select Income is expected to generate 0.44 times more return on investment than CI Signature. However, Bloom Select Income is 2.26 times less risky than CI Signature. It trades about -0.01 of its potential returns per unit of risk. CI Signature Cat is currently generating about -0.01 per unit of risk. If you would invest 794.00 in Bloom Select Income on November 6, 2024 and sell it today you would lose (2.00) from holding Bloom Select Income or give up 0.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Bloom Select Income vs. CI Signature Cat
Performance |
| Timeline |
| Bloom Select Income |
| CI Signature Cat |
Bloom Select and CI Signature Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloom Select and CI Signature
The main advantage of trading using opposite Bloom Select and CI Signature positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloom Select position performs unexpectedly, CI Signature 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 Signature will offset losses from the drop in CI Signature's long position.| Bloom Select vs. Canadian High Income | Bloom Select vs. Blue Ribbon Income | Bloom Select vs. Energy Income | Bloom Select vs. Australian REIT Income |
| CI Signature vs. CI Signature Cat | CI Signature vs. CI Global Alpha | CI Signature vs. RBC Global Technology | CI Signature vs. Fidelity Technology Innovators |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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