Correlation Between Starlight Multi and CI Black
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By analyzing existing cross correlation between Starlight Multi Family Core and CI Black Creek, you can compare the effects of market volatilities on Starlight Multi and CI Black 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 Starlight Multi with a short position of CI Black. Check out your portfolio center. Please also check ongoing floating volatility patterns of Starlight Multi and CI Black.
Diversification Opportunities for Starlight Multi and CI Black
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Starlight and 0P0000752C is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Starlight Multi Family Core and CI Black Creek in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Black Creek and Starlight Multi 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 Starlight Multi Family Core are associated (or correlated) with CI Black. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Black Creek has no effect on the direction of Starlight Multi i.e., Starlight Multi and CI Black go up and down completely randomly.
Pair Corralation between Starlight Multi and CI Black
Assuming the 90 days trading horizon Starlight Multi Family Core is expected to under-perform the CI Black. In addition to that, Starlight Multi is 3.32 times more volatile than CI Black Creek. It trades about -0.22 of its total potential returns per unit of risk. CI Black Creek is currently generating about -0.15 per unit of volatility. If you would invest 1,665 in CI Black Creek on August 29, 2024 and sell it today you would lose (35.00) from holding CI Black Creek or give up 2.1% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Starlight Multi Family Core vs. CI Black Creek
Performance |
| Timeline |
| Starlight Multi Family |
| CI Black Creek |
Starlight Multi and CI Black Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Starlight Multi and CI Black
The main advantage of trading using opposite Starlight Multi and CI Black positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Starlight Multi position performs unexpectedly, CI Black 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 Black will offset losses from the drop in CI Black's long position.| Starlight Multi vs. Blue Ribbon Income | Starlight Multi vs. MINT Income Fund | Starlight Multi vs. Energy Income | Starlight Multi vs. Canadian High Income |
| CI Black vs. RBC Global Equity | CI Black vs. TD Comfort Aggressive | CI Black vs. BMO Concentrated Global |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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