Correlation Between Canadian High and CI Global
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By analyzing existing cross correlation between Canadian High Income and CI Global Alpha, you can compare the effects of market volatilities on Canadian High and CI 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 Canadian High with a short position of CI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canadian High and CI Global.
Diversification Opportunities for Canadian High and CI Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Canadian and 0P000070HA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Canadian High Income and CI Global Alpha in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Global Alpha and Canadian High 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 Canadian High Income are associated (or correlated) with CI Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Global Alpha has no effect on the direction of Canadian High i.e., Canadian High and CI Global go up and down completely randomly.
Pair Corralation between Canadian High and CI Global
Assuming the 90 days trading horizon Canadian High is expected to generate 9.04 times less return on investment than CI Global. But when comparing it to its historical volatility, Canadian High Income is 1.28 times less risky than CI Global. It trades about 0.02 of its potential returns per unit of risk. CI Global Alpha is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 4,935 in CI Global Alpha on October 14, 2024 and sell it today you would earn a total of 6,093 from holding CI Global Alpha or generate 123.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Canadian High Income vs. CI Global Alpha
Performance |
| Timeline |
| Canadian High Income |
| CI Global Alpha |
Canadian High and CI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canadian High and CI Global
The main advantage of trading using opposite Canadian High and CI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canadian High position performs unexpectedly, CI 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 CI Global will offset losses from the drop in CI Global's long position.| Canadian High vs. Blue Ribbon Income | Canadian High vs. MINT Income Fund | Canadian High vs. Energy Income | Canadian High vs. Brompton Lifeco Split |
| CI Global vs. Global Healthcare Income | CI Global vs. CI Global Alpha | CI Global vs. CDSPI Global Growth | CI Global vs. Invesco Global Companies |
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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