Correlation Between Picton Mahoney and Global Iman
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By analyzing existing cross correlation between Picton Mahoney Fortified and Global Iman Fund, you can compare the effects of market volatilities on Picton Mahoney and Global Iman 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 Picton Mahoney with a short position of Global Iman. Check out your portfolio center. Please also check ongoing floating volatility patterns of Picton Mahoney and Global Iman.
Diversification Opportunities for Picton Mahoney and Global Iman
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Picton and Global is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Picton Mahoney Fortified and Global Iman Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Iman Fund and Picton Mahoney 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 Picton Mahoney Fortified are associated (or correlated) with Global Iman. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Iman Fund has no effect on the direction of Picton Mahoney i.e., Picton Mahoney and Global Iman go up and down completely randomly.
Pair Corralation between Picton Mahoney and Global Iman
Assuming the 90 days trading horizon Picton Mahoney is expected to generate 4.37 times less return on investment than Global Iman. But when comparing it to its historical volatility, Picton Mahoney Fortified is 8.6 times less risky than Global Iman. It trades about 0.3 of its potential returns per unit of risk. Global Iman Fund is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 4,329 in Global Iman Fund on September 3, 2024 and sell it today you would earn a total of 107.00 from holding Global Iman Fund or generate 2.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 52.38% |
| Values | Daily Returns |
Picton Mahoney Fortified vs. Global Iman Fund
Performance |
| Timeline |
| Picton Mahoney Fortified |
| Global Iman Fund |
Picton Mahoney and Global Iman Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Picton Mahoney and Global Iman
The main advantage of trading using opposite Picton Mahoney and Global Iman positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Picton Mahoney position performs unexpectedly, Global Iman 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 Global Iman will offset losses from the drop in Global Iman's long position.| Picton Mahoney vs. CI Global Alpha | Picton Mahoney vs. CI Global Resource | Picton Mahoney vs. CI Global Alpha | Picton Mahoney vs. Global Healthcare Income |
| Global Iman vs. Edgepoint Global Portfolio | Global Iman vs. RBC Global Equity | Global Iman vs. CI Black Creek | Global Iman vs. TD Comfort Aggressive |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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