Correlation Between CI Financial and Oaktree Capital
Can any of the company-specific risk be diversified away by investing in both CI Financial and Oaktree Capital 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 Oaktree Capital 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 Oaktree Capital Group, you can compare the effects of market volatilities on CI Financial and Oaktree Capital 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 Oaktree Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Financial and Oaktree Capital.
Diversification Opportunities for CI Financial and Oaktree Capital
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CIXXF and Oaktree is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding CI Financial Corp and Oaktree Capital Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oaktree Capital Group 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 Oaktree Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oaktree Capital Group has no effect on the direction of CI Financial i.e., CI Financial and Oaktree Capital go up and down completely randomly.
Pair Corralation between CI Financial and Oaktree Capital
If you would invest 1,212 in CI Financial Corp on August 27, 2024 and sell it today you would earn a total of 0.00 from holding CI Financial Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
CI Financial Corp vs. Oaktree Capital Group
Performance |
| Timeline |
| CI Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Oaktree Capital Group |
CI Financial and Oaktree Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Financial and Oaktree Capital
The main advantage of trading using opposite CI Financial and Oaktree Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Financial position performs unexpectedly, Oaktree Capital 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 Oaktree Capital will offset losses from the drop in Oaktree Capital's long position.| CI Financial vs. Western Digital | CI Financial vs. JD Sports Fashion | CI Financial vs. Saia Inc | CI Financial vs. Casio Computer Co |
| Oaktree Capital vs. The Gabelli Multimedia | Oaktree Capital vs. The Gabelli Equity | Oaktree Capital vs. Virtus AllianzGI Convertible | Oaktree Capital vs. Tri Continental PFD |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |