Correlation Between City National and Siit Emerging
Can any of the company-specific risk be diversified away by investing in both City National and Siit Emerging 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 City National and Siit Emerging into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between City National Rochdale and Siit Emerging Markets, you can compare the effects of market volatilities on City National and Siit Emerging 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 City National with a short position of Siit Emerging. Check out your portfolio center. Please also check ongoing floating volatility patterns of City National and Siit Emerging.
Diversification Opportunities for City National and Siit Emerging
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between City and Siit is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding City National Rochdale and Siit Emerging Markets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Siit Emerging Markets and City National 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 City National Rochdale are associated (or correlated) with Siit Emerging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Siit Emerging Markets has no effect on the direction of City National i.e., City National and Siit Emerging go up and down completely randomly.
Pair Corralation between City National and Siit Emerging
If you would invest 100.00 in City National Rochdale on September 3, 2024 and sell it today you would earn a total of 0.00 from holding City National Rochdale or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
City National Rochdale vs. Siit Emerging Markets
Performance |
| Timeline |
| City National Rochdale |
| Siit Emerging Markets |
City National and Siit Emerging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with City National and Siit Emerging
The main advantage of trading using opposite City National and Siit Emerging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if City National position performs unexpectedly, Siit Emerging 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 Siit Emerging will offset losses from the drop in Siit Emerging's long position.| City National vs. Fundvantage Trust | City National vs. Kinetics Market Opportunities | City National vs. Massmutual Select Diversified | City National vs. Templeton Developing Markets |
| Siit Emerging vs. Barings Emerging Markets | Siit Emerging vs. T Rowe Price | Siit Emerging vs. Transamerica Emerging Markets | Siit Emerging vs. Legg Mason Partners |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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