Correlation Between SPTSX Dividend and CI Canadian
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By analyzing existing cross correlation between SPTSX Dividend Aristocrats and CI Canadian Banks, you can compare the effects of market volatilities on SPTSX Dividend and CI Canadian 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 SPTSX Dividend with a short position of CI Canadian. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPTSX Dividend and CI Canadian.
Diversification Opportunities for SPTSX Dividend and CI Canadian
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between SPTSX and CIC is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding SPTSX Dividend Aristocrats and CI Canadian Banks in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Canadian Banks and SPTSX Dividend 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 SPTSX Dividend Aristocrats are associated (or correlated) with CI Canadian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Canadian Banks has no effect on the direction of SPTSX Dividend i.e., SPTSX Dividend and CI Canadian go up and down completely randomly.
Pair Corralation between SPTSX Dividend and CI Canadian
Assuming the 90 days trading horizon SPTSX Dividend is expected to generate 1.48 times less return on investment than CI Canadian. In addition to that, SPTSX Dividend is 1.19 times more volatile than CI Canadian Banks. It trades about 0.37 of its total potential returns per unit of risk. CI Canadian Banks is currently generating about 0.65 per unit of volatility. If you would invest 1,175 in CI Canadian Banks on September 3, 2024 and sell it today you would earn a total of 53.00 from holding CI Canadian Banks or generate 4.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
SPTSX Dividend Aristocrats vs. CI Canadian Banks
Performance |
| Timeline |
SPTSX Dividend and CI Canadian Volatility Contrast
Predicted Return Density |
| Returns |
SPTSX Dividend Aristocrats
Pair trading matchups for SPTSX Dividend
CI Canadian Banks
Pair trading matchups for CI Canadian
Pair Trading with SPTSX Dividend and CI Canadian
The main advantage of trading using opposite SPTSX Dividend and CI Canadian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPTSX Dividend position performs unexpectedly, CI Canadian 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 CI Canadian will offset losses from the drop in CI Canadian's long position.| SPTSX Dividend vs. 2028 Investment Grade | SPTSX Dividend vs. Upstart Investments | SPTSX Dividend vs. Brookfield Investments | SPTSX Dividend vs. Atrium Mortgage Investment |
| CI Canadian vs. Celestica | CI Canadian vs. Descartes Systems Group | CI Canadian vs. Hamilton MidSmall Cap Financials | CI Canadian vs. CI Canada Lifeco |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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