Correlation Analysis Between Canadian Imperial and Israel Index

This module allows you to analyze existing cross correlation between Canadian Imperial Bank Of Comme and Israel Index. You can compare the effects of market volatilities on Canadian Imperial and Israel Index 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 Canadian Imperial with a short position of Israel Index. See also your portfolio center. Please also check ongoing floating volatility patterns of Canadian Imperial and Israel Index.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

 Predicted Return Density 
      Returns 

Canadian Imperial Bank Of Comm  vs.  Israel Index

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Canadian Imperial Bank Of Comme is expected to generate 0.82 times more return on investment than Israel Index. However, Canadian Imperial Bank Of Comme is 1.22 times less risky than Israel Index. It trades about 0.3 of its potential returns per unit of risk. Israel Index is currently generating about 0.14 per unit of risk. If you would invest  7,524  in Canadian Imperial Bank Of Comme on October 22, 2019 and sell it today you would earn a total of  1,132  from holding Canadian Imperial Bank Of Comme or generate 15.05% return on investment over 30 days.

Pair Corralation between Canadian Imperial and Israel Index

0.69
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy91.43%
ValuesDaily Returns

Diversification Opportunities for Canadian Imperial and Israel Index

Canadian Imperial Bank Of Comm diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Canadian Imperial Bank Of Comm and Israel Index in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Israel Index and Canadian Imperial 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 Canadian Imperial Bank Of Comme are associated (or correlated) with Israel Index. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Israel Index has no effect on the direction of Canadian Imperial i.e. Canadian Imperial and Israel Index go up and down completely randomly.
    Optimize
See also your portfolio center. Please also try Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. drill down to check world indexes.


 
Search macroaxis.com