Correlation Between CI Global and Fidelity Tactical
Specify exactly 2 symbols:
By analyzing existing cross correlation between CI Global Alpha and Fidelity Tactical High, you can compare the effects of market volatilities on CI Global and Fidelity Tactical 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 Fidelity Tactical. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Global and Fidelity Tactical.
Diversification Opportunities for CI Global and Fidelity Tactical
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between CIG18006 and Fidelity is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding CI Global Alpha and Fidelity Tactical High in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Tactical High 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 Fidelity Tactical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Tactical High has no effect on the direction of CI Global i.e., CI Global and Fidelity Tactical go up and down completely randomly.
Pair Corralation between CI Global and Fidelity Tactical
Assuming the 90 days trading horizon CI Global Alpha is expected to generate 2.39 times more return on investment than Fidelity Tactical. However, CI Global is 2.39 times more volatile than Fidelity Tactical High. It trades about 0.27 of its potential returns per unit of risk. Fidelity Tactical High is currently generating about 0.33 per unit of risk. If you would invest 9,515 in CI Global Alpha on August 29, 2024 and sell it today you would earn a total of 919.00 from holding CI Global Alpha or generate 9.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI Global Alpha vs. Fidelity Tactical High
Performance |
| Timeline |
| CI Global Alpha |
| Fidelity Tactical High |
CI Global and Fidelity Tactical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Global and Fidelity Tactical
The main advantage of trading using opposite CI Global and Fidelity Tactical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Global position performs unexpectedly, Fidelity Tactical 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 Tactical will offset losses from the drop in Fidelity Tactical's long position.| CI Global vs. RBC Select Balanced | CI Global vs. RBC Portefeuille de | CI Global vs. TD Comfort Balanced | CI Global vs. RBC Global Equity |
| Fidelity Tactical vs. Fidelity ClearPath 2045 | Fidelity Tactical vs. Fidelity Small Cap | Fidelity Tactical vs. Fidelity Canadian Growth | Fidelity Tactical vs. Fidelity Global 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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |