Correlation Analysis Between Canadian Imperial and DOW

This module allows you to analyze existing cross correlation between Canadian Imperial Bank Of Comme and DOW. You can compare the effects of market volatilities on Canadian Imperial and DOW 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 DOW. See also your portfolio center. Please also check ongoing floating volatility patterns of Canadian Imperial and DOW.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

Canadian Imperial Bank Of Comm  vs.  DOW

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Canadian Imperial Bank Of Comme is expected to generate 1.14 times more return on investment than DOW. However, Canadian Imperial is 1.14 times more volatile than DOW. It trades about 0.3 of its potential returns per unit of risk. DOW is currently generating about 0.2 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  1,087  from holding Canadian Imperial Bank Of Comme or generate 14.45% return on investment over 30 days.

Pair Corralation between Canadian Imperial and DOW

0.86
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy98.44%
ValuesDaily Returns

Diversification Opportunities for Canadian Imperial and DOW

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 DOW in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on DOW 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 DOW. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOW has no effect on the direction of Canadian Imperial i.e. Canadian Imperial and DOW go up and down completely randomly.
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See also your portfolio center. Please also try Pattern Recognition module to use different pattern recognition models to time the market across multiple global exchanges.


 
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