Correlation Between CI Global and Symphony Floating
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By analyzing existing cross correlation between CI Global Alpha and Symphony Floating Rate, you can compare the effects of market volatilities on CI Global and Symphony Floating 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 Symphony Floating. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Global and Symphony Floating.
Diversification Opportunities for CI Global and Symphony Floating
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between CIG18006 and Symphony is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding CI Global Alpha and Symphony Floating Rate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Symphony Floating Rate 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 Symphony Floating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Symphony Floating Rate has no effect on the direction of CI Global i.e., CI Global and Symphony Floating go up and down completely randomly.
Pair Corralation between CI Global and Symphony Floating
Assuming the 90 days trading horizon CI Global Alpha is expected to generate 2.27 times more return on investment than Symphony Floating. However, CI Global is 2.27 times more volatile than Symphony Floating Rate. It trades about 0.38 of its potential returns per unit of risk. Symphony Floating Rate is currently generating about 0.07 per unit of risk. If you would invest 9,308 in CI Global Alpha on September 1, 2024 and sell it today you would earn a total of 1,072 from holding CI Global Alpha or generate 11.52% 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. Symphony Floating Rate
Performance |
| Timeline |
| CI Global Alpha |
| Symphony Floating Rate |
CI Global and Symphony Floating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Global and Symphony Floating
The main advantage of trading using opposite CI Global and Symphony Floating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Global position performs unexpectedly, Symphony Floating 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 Symphony Floating will offset losses from the drop in Symphony Floating's long position.| CI Global vs. RBC Select Balanced | CI Global vs. RBC Portefeuille de | CI Global vs. Edgepoint Global Portfolio | CI Global vs. TD Comfort Balanced |
| Symphony Floating vs. Blue Ribbon Income | Symphony Floating vs. Canadian High Income | Symphony Floating vs. MINT Income Fund | Symphony Floating vs. Brompton Lifeco Split |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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