Correlation Between IA Clarington and CI Signature
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By analyzing existing cross correlation between IA Clarington Strategic and CI Signature Cat, you can compare the effects of market volatilities on IA Clarington and CI Signature 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 IA Clarington with a short position of CI Signature. Check out your portfolio center. Please also check ongoing floating volatility patterns of IA Clarington and CI Signature.
Diversification Opportunities for IA Clarington and CI Signature
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between ISCB and 0P0001FKWD is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding IA Clarington Strategic and CI Signature Cat in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Signature Cat and IA Clarington 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 IA Clarington Strategic are associated (or correlated) with CI Signature. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Signature Cat has no effect on the direction of IA Clarington i.e., IA Clarington and CI Signature go up and down completely randomly.
Pair Corralation between IA Clarington and CI Signature
Assuming the 90 days trading horizon IA Clarington Strategic is expected to generate 0.17 times more return on investment than CI Signature. However, IA Clarington Strategic is 5.89 times less risky than CI Signature. It trades about 0.24 of its potential returns per unit of risk. CI Signature Cat is currently generating about -0.11 per unit of risk. If you would invest 1,071 in IA Clarington Strategic on November 28, 2024 and sell it today you would earn a total of 7.00 from holding IA Clarington Strategic or generate 0.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 61.9% |
| Values | Daily Returns |
IA Clarington Strategic vs. CI Signature Cat
Performance |
| Timeline |
| IA Clarington Strategic |
Risk-Adjusted Performance
Good
Weak | Strong |
| CI Signature Cat |
IA Clarington and CI Signature Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IA Clarington and CI Signature
The main advantage of trading using opposite IA Clarington and CI Signature positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IA Clarington position performs unexpectedly, CI Signature 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 Signature will offset losses from the drop in CI Signature's long position.| IA Clarington vs. RBC Select Balanced | IA Clarington vs. PIMCO Monthly Income | IA Clarington vs. RBC Portefeuille de | IA Clarington vs. Edgepoint Global Portfolio |
| CI Signature vs. Fidelity Tactical High | CI Signature vs. Bloom Select Income | CI Signature vs. Global Healthcare Income | CI Signature vs. Dynamic Alternative Yield |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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