Correlation Analysis Between CANADIAN IMPERIAL and NYSE

This module allows you to analyze existing cross correlation between CANADIAN IMPERIAL BANK OF COMME and NYSE. You can compare the effects of market volatilities on CANADIAN IMPERIAL and NYSE 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 NYSE. See also your portfolio center. Please also check ongoing floating volatility patterns of CANADIAN IMPERIAL and NYSE.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

 Predicted Return Density 
      Returns 

CANADIAN IMPERIAL BANK OF COMM  vs.  NYSE

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CANADIAN IMPERIAL BANK OF COMME is expected to generate 1.01 times more return on investment than NYSE. However, CANADIAN IMPERIAL is 1.01 times more volatile than NYSE. It trades about 0.24 of its potential returns per unit of risk. NYSE is currently generating about 0.11 per unit of risk. If you would invest  9,991  in CANADIAN IMPERIAL BANK OF COMME on October 18, 2019 and sell it today you would earn a total of  1,542  from holding CANADIAN IMPERIAL BANK OF COMME or generate 15.43% return on investment over 30 days.

Pair Corralation between CANADIAN IMPERIAL and NYSE

0.86
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for CANADIAN IMPERIAL and NYSE

CANADIAN IMPERIAL BANK OF COMM diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding CANADIAN IMPERIAL BANK OF COMM and NYSE in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NYSE 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 NYSE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE has no effect on the direction of CANADIAN IMPERIAL i.e. CANADIAN IMPERIAL and NYSE go up and down completely randomly.
    Optimize
See also your portfolio center. Please also try My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. macroaxis watchlist is based on self-learning algorithm to remember stocks you like.


 
Search macroaxis.com