Correlation Between CI Gold and Ninepoint Energy
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By analyzing existing cross correlation between CI Gold Bullion and Ninepoint Energy, you can compare the effects of market volatilities on CI Gold and Ninepoint Energy 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 CI Gold with a short position of Ninepoint Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Gold and Ninepoint Energy.
Diversification Opportunities for CI Gold and Ninepoint Energy
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between VALT-B and Ninepoint is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding CI Gold Bullion and Ninepoint Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ninepoint Energy and CI Gold 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 CI Gold Bullion are associated (or correlated) with Ninepoint Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ninepoint Energy has no effect on the direction of CI Gold i.e., CI Gold and Ninepoint Energy go up and down completely randomly.
Pair Corralation between CI Gold and Ninepoint Energy
Assuming the 90 days trading horizon CI Gold Bullion is expected to generate 0.53 times more return on investment than Ninepoint Energy. However, CI Gold Bullion is 1.88 times less risky than Ninepoint Energy. It trades about 0.21 of its potential returns per unit of risk. Ninepoint Energy is currently generating about -0.06 per unit of risk. If you would invest 3,346 in CI Gold Bullion on November 2, 2024 and sell it today you would earn a total of 655.00 from holding CI Gold Bullion or generate 19.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.04% |
| Values | Daily Returns |
CI Gold Bullion vs. Ninepoint Energy
Performance |
| Timeline |
| CI Gold Bullion |
| Ninepoint Energy |
CI Gold and Ninepoint Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Gold and Ninepoint Energy
The main advantage of trading using opposite CI Gold and Ninepoint Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Gold position performs unexpectedly, Ninepoint Energy 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 Ninepoint Energy will offset losses from the drop in Ninepoint Energy's long position.| CI Gold vs. RBC Select Balanced | CI Gold vs. PIMCO Monthly Income | CI Gold vs. RBC Portefeuille de | CI Gold vs. Edgepoint Global Portfolio |
| Ninepoint Energy vs. RBC mondial dnergie | Ninepoint Energy vs. BMO Aggregate Bond | Ninepoint Energy vs. iShares Canadian HYBrid | Ninepoint Energy vs. Brompton European Dividend |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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