Correlation Between CI Financial and Bank of New York
Can any of the company-specific risk be diversified away by investing in both CI Financial and Bank of New York 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 CI Financial and Bank of New York into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CI Financial Corp and Bank of New, you can compare the effects of market volatilities on CI Financial and Bank of New York 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 Financial with a short position of Bank of New York. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Financial and Bank of New York.
Diversification Opportunities for CI Financial and Bank of New York
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CIFAF and Bank is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CI Financial Corp and Bank of New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of New York and CI Financial 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 Financial Corp are associated (or correlated) with Bank of New York. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of New York has no effect on the direction of CI Financial i.e., CI Financial and Bank of New York go up and down completely randomly.
Pair Corralation between CI Financial and Bank of New York
If you would invest 5,528 in Bank of New on January 25, 2024 and sell it today you would earn a total of 242.00 from holding Bank of New or generate 4.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
CI Financial Corp vs. Bank of New
Performance |
| Timeline |
| CI Financial Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Bank of New York |
CI Financial and Bank of New York Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Financial and Bank of New York
The main advantage of trading using opposite CI Financial and Bank of New York positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Financial position performs unexpectedly, Bank of New York 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 Bank of New York will offset losses from the drop in Bank of New York's long position.| CI Financial vs. Pinterest | CI Financial vs. Weibo Corp | CI Financial vs. Dave Busters Entertainment | CI Financial vs. Playtika Holding Corp |
| Bank of New York vs. Federated Premier Municipal | Bank of New York vs. Blackrock Muniyield | Bank of New York vs. Diamond Hill Investment | Bank of New York vs. NXG NextGen Infrastructure |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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