Correlation Between CI Enhanced and PHN Multi
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By analyzing existing cross correlation between CI Enhanced Short and PHN Multi Style All Cap, you can compare the effects of market volatilities on CI Enhanced 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 Enhanced with a short position of PHN Multi. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Enhanced and PHN Multi.
Diversification Opportunities for CI Enhanced and PHN Multi
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between FSB and PHN is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding CI Enhanced Short 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 Enhanced 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 Enhanced Short 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 Enhanced i.e., CI Enhanced and PHN Multi go up and down completely randomly.
Pair Corralation between CI Enhanced and PHN Multi
Assuming the 90 days trading horizon CI Enhanced Short is expected to generate 0.22 times more return on investment than PHN Multi. However, CI Enhanced Short is 4.49 times less risky than PHN Multi. It trades about 0.0 of its potential returns per unit of risk. PHN Multi Style All Cap is currently generating about -0.1 per unit of risk. If you would invest 967.00 in CI Enhanced Short on November 27, 2024 and sell it today you would earn a total of 0.00 from holding CI Enhanced Short or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI Enhanced Short vs. PHN Multi Style All Cap
Performance |
| Timeline |
| CI Enhanced Short |
| PHN Multi Style |
CI Enhanced and PHN Multi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Enhanced and PHN Multi
The main advantage of trading using opposite CI Enhanced and PHN Multi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Enhanced 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 Enhanced vs. CI Investment Grade | CI Enhanced vs. CI Enhanced Government | CI Enhanced vs. CI Preferred Share | CI Enhanced vs. CI Short Term |
| PHN Multi vs. Fidelity Tactical High | PHN Multi vs. Fidelity ClearPath 2045 | PHN Multi vs. Bloom Select Income | PHN Multi vs. Mackenzie Ivy European |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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