Correlation Between CI Financial and Jasper Commerce
Can any of the company-specific risk be diversified away by investing in both CI Financial and Jasper Commerce at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining CI Financial and Jasper Commerce into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CI Financial Corp and Jasper Commerce, you can compare the effects of market volatilities on CI Financial and Jasper Commerce 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 Financial with a short position of Jasper Commerce. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Financial and Jasper Commerce.
Diversification Opportunities for CI Financial and Jasper Commerce
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CIX and Jasper is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CI Financial Corp and Jasper Commerce in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jasper Commerce and CI Financial 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 Financial Corp are associated (or correlated) with Jasper Commerce. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jasper Commerce has no effect on the direction of CI Financial i.e., CI Financial and Jasper Commerce go up and down completely randomly.
Pair Corralation between CI Financial and Jasper Commerce
If you would invest 1,717 in CI Financial Corp on September 4, 2024 and sell it today you would earn a total of 1,381 from holding CI Financial Corp or generate 80.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
CI Financial Corp vs. Jasper Commerce
Performance |
| Timeline |
| CI Financial Corp |
| Jasper Commerce |
CI Financial and Jasper Commerce Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Financial and Jasper Commerce
The main advantage of trading using opposite CI Financial and Jasper Commerce positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Financial position performs unexpectedly, Jasper Commerce 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 Jasper Commerce will offset losses from the drop in Jasper Commerce's long position.| CI Financial vs. IGM Financial | CI Financial vs. iA Financial | CI Financial vs. Canadian Western Bank | CI Financial vs. Great West Lifeco |
| Jasper Commerce vs. iA Financial | Jasper Commerce vs. Income Financial Trust | Jasper Commerce vs. CI Financial Corp | Jasper Commerce vs. VersaBank |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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