Correlation Between FT Cboe and AGF GLOBAL
Can any of the company-specific risk be diversified away by investing in both FT Cboe and AGF GLOBAL at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining FT Cboe and AGF GLOBAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FT Cboe Vest and AGF GLOBAL OPPORTUNITIES, you can compare the effects of market volatilities on FT Cboe and AGF GLOBAL 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 FT Cboe with a short position of AGF GLOBAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of FT Cboe and AGF GLOBAL.
Diversification Opportunities for FT Cboe and AGF GLOBAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MAYB-F and AGF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding FT Cboe Vest and AGF GLOBAL OPPORTUNITIES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AGF GLOBAL OPPORTUNITIES and FT Cboe 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 FT Cboe Vest are associated (or correlated) with AGF GLOBAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AGF GLOBAL OPPORTUNITIES has no effect on the direction of FT Cboe i.e., FT Cboe and AGF GLOBAL go up and down completely randomly.
Pair Corralation between FT Cboe and AGF GLOBAL
If you would invest 4,111 in FT Cboe Vest on September 2, 2024 and sell it today you would earn a total of 402.00 from holding FT Cboe Vest or generate 9.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
FT Cboe Vest vs. AGF GLOBAL OPPORTUNITIES
Performance |
| Timeline |
| FT Cboe Vest |
| AGF GLOBAL OPPORTUNITIES |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
FT Cboe and AGF GLOBAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FT Cboe and AGF GLOBAL
The main advantage of trading using opposite FT Cboe and AGF GLOBAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FT Cboe position performs unexpectedly, AGF GLOBAL 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 AGF GLOBAL will offset losses from the drop in AGF GLOBAL's long position.| FT Cboe vs. NBI High Yield | FT Cboe vs. NBI Unconstrained Fixed | FT Cboe vs. Mackenzie Developed ex North | FT Cboe vs. BMO Short Term Bond |
| AGF GLOBAL vs. AGF Global Sustainable | AGF GLOBAL vs. NBI High Yield | AGF GLOBAL vs. NBI Unconstrained Fixed | AGF GLOBAL vs. Mackenzie Developed ex North |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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