Correlation Between CI Global and Tangerine Equity
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By analyzing existing cross correlation between CI Global Alpha and Tangerine Equity Growth, you can compare the effects of market volatilities on CI Global and Tangerine Equity 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 Tangerine Equity. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Global and Tangerine Equity.
Diversification Opportunities for CI Global and Tangerine Equity
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between CIG18006 and Tangerine is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding CI Global Alpha and Tangerine Equity Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tangerine Equity Growth 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 Tangerine Equity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tangerine Equity Growth has no effect on the direction of CI Global i.e., CI Global and Tangerine Equity go up and down completely randomly.
Pair Corralation between CI Global and Tangerine Equity
Assuming the 90 days trading horizon CI Global is expected to generate 14.81 times less return on investment than Tangerine Equity. In addition to that, CI Global is 2.98 times more volatile than Tangerine Equity Growth. It trades about 0.0 of its total potential returns per unit of risk. Tangerine Equity Growth is currently generating about 0.21 per unit of volatility. If you would invest 1,465 in Tangerine Equity Growth on November 5, 2024 and sell it today you would earn a total of 39.00 from holding Tangerine Equity Growth or generate 2.66% 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. Tangerine Equity Growth
Performance |
| Timeline |
| CI Global Alpha |
| Tangerine Equity Growth |
CI Global and Tangerine Equity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Global and Tangerine Equity
The main advantage of trading using opposite CI Global and Tangerine Equity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Global position performs unexpectedly, Tangerine Equity 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 Tangerine Equity will offset losses from the drop in Tangerine Equity's long position.| CI Global vs. Global Healthcare Income | CI Global vs. CI Global Alpha | CI Global vs. CDSPI Global Growth | CI Global vs. Invesco Global Companies |
| Tangerine Equity vs. RBC Select Balanced | Tangerine Equity vs. PIMCO Monthly Income | Tangerine Equity vs. RBC Portefeuille de | Tangerine Equity vs. Edgepoint Global Portfolio |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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