Correlation Between Mawer Global and Fidelity ClearPath
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By analyzing existing cross correlation between Mawer Global Equity and Fidelity ClearPath 2045, you can compare the effects of market volatilities on Mawer Global and Fidelity ClearPath 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 Mawer Global with a short position of Fidelity ClearPath. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mawer Global and Fidelity ClearPath.
Diversification Opportunities for Mawer Global and Fidelity ClearPath
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Mawer and Fidelity is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Mawer Global Equity and Fidelity ClearPath 2045 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity ClearPath 2045 and Mawer 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 Mawer Global Equity are associated (or correlated) with Fidelity ClearPath. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity ClearPath 2045 has no effect on the direction of Mawer Global i.e., Mawer Global and Fidelity ClearPath go up and down completely randomly.
Pair Corralation between Mawer Global and Fidelity ClearPath
Assuming the 90 days trading horizon Mawer Global Equity is expected to under-perform the Fidelity ClearPath. But the fund apears to be less risky and, when comparing its historical volatility, Mawer Global Equity is 1.13 times less risky than Fidelity ClearPath. The fund trades about -0.17 of its potential returns per unit of risk. The Fidelity ClearPath 2045 is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 2,678 in Fidelity ClearPath 2045 on November 28, 2024 and sell it today you would earn a total of 3.00 from holding Fidelity ClearPath 2045 or generate 0.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mawer Global Equity vs. Fidelity ClearPath 2045
Performance |
| Timeline |
| Mawer Global Equity |
| Fidelity ClearPath 2045 |
Mawer Global and Fidelity ClearPath Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mawer Global and Fidelity ClearPath
The main advantage of trading using opposite Mawer Global and Fidelity ClearPath positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mawer Global position performs unexpectedly, Fidelity ClearPath 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 Fidelity ClearPath will offset losses from the drop in Fidelity ClearPath's long position.| Mawer Global vs. Dfa World Equity | Mawer Global vs. Fidelity Global Equity | Mawer Global vs. Dynamic Global Fixed | Mawer Global vs. PHN Canadian Equity |
| Fidelity ClearPath vs. CI Global Alpha | Fidelity ClearPath vs. Manulife Global Equity | Fidelity ClearPath vs. DFA Global Investment | Fidelity ClearPath vs. CI Global Unconstrained |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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