Correlation Between CI Global and Edgepoint Global
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By analyzing existing cross correlation between CI Global Alpha and Edgepoint Global Portfolio, you can compare the effects of market volatilities on CI Global and Edgepoint 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 CI Global with a short position of Edgepoint Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Global and Edgepoint Global.
Diversification Opportunities for CI Global and Edgepoint Global
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between CIG18006 and Edgepoint is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding CI Global Alpha and Edgepoint Global Portfolio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Edgepoint Global Por and CI Global 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 CI Global Alpha are associated (or correlated) with Edgepoint Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Edgepoint Global Por has no effect on the direction of CI Global i.e., CI Global and Edgepoint Global go up and down completely randomly.
Pair Corralation between CI Global and Edgepoint Global
Assuming the 90 days trading horizon CI Global Alpha is expected to generate 1.87 times more return on investment than Edgepoint Global. However, CI Global is 1.87 times more volatile than Edgepoint Global Portfolio. It trades about 0.24 of its potential returns per unit of risk. Edgepoint Global Portfolio is currently generating about 0.17 per unit of risk. If you would invest 10,346 in CI Global Alpha on September 12, 2024 and sell it today you would earn a total of 649.00 from holding CI Global Alpha or generate 6.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI Global Alpha vs. Edgepoint Global Portfolio
Performance |
| Timeline |
| CI Global Alpha |
| Edgepoint Global Por |
CI Global and Edgepoint Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Global and Edgepoint Global
The main advantage of trading using opposite CI Global and Edgepoint Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Global position performs unexpectedly, Edgepoint 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 Edgepoint Global will offset losses from the drop in Edgepoint Global's long position.| CI Global vs. Fidelity Tactical High | CI Global vs. Fidelity ClearPath 2045 | CI Global vs. Bloom Select Income | CI Global vs. Mackenzie Ivy European |
| Edgepoint Global vs. RBC Select Balanced | Edgepoint Global vs. RBC Portefeuille de | Edgepoint Global vs. Edgepoint Global Portfolio | Edgepoint Global 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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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