Correlation Between CI Global and PHN Multi
Specify exactly 2 symbols:
By analyzing existing cross correlation between CI Global Unconstrained and PHN Multi Style All Cap, you can compare the effects of market volatilities on CI Global and PHN Multi 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 PHN Multi. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Global and PHN Multi.
Diversification Opportunities for CI Global and PHN Multi
Average diversification
The 3 months correlation between CUBD and PHN is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding CI Global Unconstrained and PHN Multi Style All Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHN Multi Style 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 Unconstrained are associated (or correlated) with PHN Multi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHN Multi Style has no effect on the direction of CI Global i.e., CI Global and PHN Multi go up and down completely randomly.
Pair Corralation between CI Global and PHN Multi
Assuming the 90 days trading horizon CI Global is expected to generate 2.98 times less return on investment than PHN Multi. But when comparing it to its historical volatility, CI Global Unconstrained is 2.49 times less risky than PHN Multi. It trades about 0.04 of its potential returns per unit of risk. PHN Multi Style All Cap is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 2,638 in PHN Multi Style All Cap on October 25, 2024 and sell it today you would earn a total of 22.00 from holding PHN Multi Style All Cap or generate 0.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI Global Unconstrained vs. PHN Multi Style All Cap
Performance |
| Timeline |
| CI Global Unconstrained |
| PHN Multi Style |
CI Global and PHN Multi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Global and PHN Multi
The main advantage of trading using opposite CI Global and PHN Multi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Global position performs unexpectedly, PHN Multi 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 PHN Multi will offset losses from the drop in PHN Multi's long position.| CI Global vs. Fidelity Tactical High | CI Global vs. Fidelity ClearPath 2045 | CI Global vs. Bloom Select Income | CI Global vs. Mackenzie Ivy European |
| PHN Multi vs. CI Global Alpha | PHN Multi vs. Dynamic Global Fixed | PHN Multi vs. CI Global Unconstrained | PHN Multi vs. Manulife Global Equity |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |