Correlation Between AGF GLOBAL and CI Canadian
Can any of the company-specific risk be diversified away by investing in both AGF GLOBAL and CI Canadian 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 AGF GLOBAL and CI Canadian into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AGF GLOBAL OPPORTUNITIES and CI Canadian Short Term, you can compare the effects of market volatilities on AGF GLOBAL and CI Canadian 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 AGF GLOBAL with a short position of CI Canadian. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGF GLOBAL and CI Canadian.
Diversification Opportunities for AGF GLOBAL and CI Canadian
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AGF and CAGS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AGF GLOBAL OPPORTUNITIES and CI Canadian Short Term in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Canadian Short and AGF 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 AGF GLOBAL OPPORTUNITIES are associated (or correlated) with CI Canadian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Canadian Short has no effect on the direction of AGF GLOBAL i.e., AGF GLOBAL and CI Canadian go up and down completely randomly.
Pair Corralation between AGF GLOBAL and CI Canadian
If you would invest 4,723 in CI Canadian Short Term on December 7, 2024 and sell it today you would earn a total of 73.00 from holding CI Canadian Short Term or generate 1.55% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
AGF GLOBAL OPPORTUNITIES vs. CI Canadian Short Term
Performance |
Timeline |
AGF GLOBAL OPPORTUNITIES |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
CI Canadian Short |
AGF GLOBAL and CI Canadian Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with AGF GLOBAL and CI Canadian
The main advantage of trading using opposite AGF GLOBAL and CI Canadian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGF GLOBAL position performs unexpectedly, CI Canadian 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 Canadian will offset losses from the drop in CI Canadian's long position.AGF GLOBAL vs. AGF Enhanced Equity | AGF GLOBAL vs. AGF Global Sustainable | AGF GLOBAL vs. NBI High Yield | AGF GLOBAL vs. NBI Unconstrained Fixed |
CI Canadian vs. NBI High Yield | CI Canadian vs. NBI Unconstrained Fixed | CI Canadian vs. Mackenzie Developed ex North | CI Canadian vs. BMO Short Term Bond |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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