Correlation Between Middlefield Global and CI Global
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By analyzing existing cross correlation between Middlefield Global Real and CI Global Resource, you can compare the effects of market volatilities on Middlefield Global and CI 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 Middlefield Global with a short position of CI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Middlefield Global and CI Global.
Diversification Opportunities for Middlefield Global and CI Global
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Middlefield and 0P000070I2 is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Middlefield Global Real and CI Global Resource in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Global Resource and Middlefield 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 Middlefield Global Real are associated (or correlated) with CI Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Global Resource has no effect on the direction of Middlefield Global i.e., Middlefield Global and CI Global go up and down completely randomly.
Pair Corralation between Middlefield Global and CI Global
Assuming the 90 days trading horizon Middlefield Global is expected to generate 1.4 times less return on investment than CI Global. But when comparing it to its historical volatility, Middlefield Global Real is 1.6 times less risky than CI Global. It trades about 0.09 of its potential returns per unit of risk. CI Global Resource is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 2,951 in CI Global Resource on September 2, 2024 and sell it today you would earn a total of 44.00 from holding CI Global Resource or generate 1.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Middlefield Global Real vs. CI Global Resource
Performance |
| Timeline |
| Middlefield Global Real |
| CI Global Resource |
Middlefield Global and CI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Middlefield Global and CI Global
The main advantage of trading using opposite Middlefield Global and CI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Middlefield Global position performs unexpectedly, CI 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 CI Global will offset losses from the drop in CI Global's long position.| Middlefield Global vs. Tech Leaders Income | Middlefield Global vs. Brompton Global Dividend | Middlefield Global vs. Forstrong Global Income | Middlefield Global vs. iShares Canadian HYBrid |
| CI Global vs. BMO Aggregate Bond | CI Global vs. iShares Canadian HYBrid | CI Global vs. Brompton European Dividend | CI Global vs. Solar Alliance Energy |
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 Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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