Correlation Analysis Between Canadian Imperial and ING Group

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

Comparative Performance

Canadian Imperial Bank  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Canadian Imperial Bank Of Comme are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Even with considerably conflicting technical indicators, Canadian Imperial may actually be approaching a critical reversion point that can send shares even higher in November 2019.
ING Group N  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in ING Group N V are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. In spite of rather sound fundamental drivers, ING Group is not utilizing all of its potentials. The existing stock price tumult, may contribute to shorter-term losses for the shareholders.

Canadian Imperial and ING Group Volatility Contrast

 Predicted Return Density 
      Returns 

Canadian Imperial Bank Of Comm  vs.  ING Group N V

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Canadian Imperial Bank Of Comme is expected to generate 0.54 times more return on investment than ING Group. However, Canadian Imperial Bank Of Comme is 1.86 times less risky than ING Group. It trades about 0.13 of its potential returns per unit of risk. ING Group N V is currently generating about 0.02 per unit of risk. If you would invest  7,845  in Canadian Imperial Bank Of Comme on September 21, 2019 and sell it today you would earn a total of  610.00  from holding Canadian Imperial Bank Of Comme or generate 7.78% return on investment over 30 days.

Pair Corralation between Canadian Imperial and ING Group

0.68
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Canadian Imperial and ING Group

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 ING Group N V in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ING Group N 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 ING Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ING Group N has no effect on the direction of Canadian Imperial i.e. Canadian Imperial and ING Group go up and down completely randomly.
See also your portfolio center. Please also try Coins and Tokens Correlation module to utilize digital token correlation table to build portfolio of cryptocurrencies across multiple exchanges.


 
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