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Correlation Between Canadian Imperial and Barclays PLC

Analyzing existing cross correlation between Canadian Imperial Bank Of Comme and Barclays PLC. You can compare the effects of market volatilities on Canadian Imperial and Barclays PLC 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 Barclays PLC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canadian Imperial and Barclays PLC.

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Diversification Opportunities for Canadian Imperial and Barclays PLC

Canadian Imperial Bank Of Comm diversification synergy
-0.39
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<div class='circular--portrait-small' style='background:#2A0CD0;color: white;font-size:1.6em;padding-top: 6px;;'>BA</div>

Very good diversification

The 3 months correlation between Canadian and Barclays is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Canadian Imperial Bank Of Comm and Barclays PLC in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Barclays PLC 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 Barclays PLC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barclays PLC has no effect on the direction of Canadian Imperial i.e. Canadian Imperial and Barclays PLC go up and down completely randomly.

Pair Corralation between Canadian Imperial and Barclays PLC

Allowing for the 30-days total investment horizon, Canadian Imperial Bank Of Comme is expected to under-perform the Barclays PLC. But the stock apears to be less risky and, when comparing its historical volatility, Canadian Imperial Bank Of Comme is 2.03 times less risky than Barclays PLC. The stock trades about -0.1 of its potential returns per unit of risk. The Barclays PLC is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest  870.00  in Barclays PLC on January 21, 2020 and sell it today you would earn a total of  62.00  from holding Barclays PLC or generate 7.13% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Canadian Imperial Bank Of Comm  vs.  Barclays PLC

 Performance (%) 
    
  Timeline 
Canadian Imperial Bank 
00

Risk-Adjusted Performance

Over the last 30 days Canadian Imperial Bank Of Comme has generated negative risk-adjusted returns adding no value to investors with long positions. Even with considerably steady technical indicators, Canadian Imperial is not utilizing all of its potentials. The existing stock price chaos, may contribute to medium term losses for the stakeholders.
Barclays PLC 
55

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Barclays PLC are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively sluggish forward-looking signals, Barclays PLC may actually be approaching a critical reversion point that can send shares even higher in March 2020.

Canadian Imperial and Barclays PLC Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.