Correlation Between IShares Canadian and Ether Fund
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By analyzing existing cross correlation between iShares Canadian Universe and Ether Fund, you can compare the effects of market volatilities on IShares Canadian and Ether Fund 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 IShares Canadian with a short position of Ether Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of IShares Canadian and Ether Fund.
Diversification Opportunities for IShares Canadian and Ether Fund
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between IShares and Ether is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding iShares Canadian Universe and Ether Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ether Fund and IShares Canadian 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 iShares Canadian Universe are associated (or correlated) with Ether Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ether Fund has no effect on the direction of IShares Canadian i.e., IShares Canadian and Ether Fund go up and down completely randomly.
Pair Corralation between IShares Canadian and Ether Fund
Assuming the 90 days trading horizon iShares Canadian Universe is expected to under-perform the Ether Fund. But the etf apears to be less risky and, when comparing its historical volatility, iShares Canadian Universe is 10.94 times less risky than Ether Fund. The etf trades about 0.0 of its potential returns per unit of risk. The Ether Fund is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 5,385 in Ether Fund on September 25, 2024 and sell it today you would earn a total of 2,196 from holding Ether Fund or generate 40.78% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 98.44% |
Values | Daily Returns |
iShares Canadian Universe vs. Ether Fund
Performance |
Timeline |
iShares Canadian Universe |
Ether Fund |
IShares Canadian and Ether Fund Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with IShares Canadian and Ether Fund
The main advantage of trading using opposite IShares Canadian and Ether Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IShares Canadian position performs unexpectedly, Ether Fund 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 Ether Fund will offset losses from the drop in Ether Fund's long position.IShares Canadian vs. iShares Core Canadian | IShares Canadian vs. iShares Core Canadian | IShares Canadian vs. iShares Canadian Real | IShares Canadian vs. iShares Canadian Value |
Ether Fund vs. Manulife Multifactor Mid | Ether Fund vs. Manulife Multifactor Canadian | Ether Fund vs. Manulife Multifactor Large | Ether Fund vs. Manulife Multifactor Canadian |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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