Correlation Between Aimia Srs and Bank of New York
Can any of the company-specific risk be diversified away by investing in both Aimia Srs 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 Aimia Srs 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 Aimia Srs 1 and Canadian Banc Corp, you can compare the effects of market volatilities on Aimia Srs 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 Aimia Srs with a short position of Bank of New York. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aimia Srs and Bank of New York.
Diversification Opportunities for Aimia Srs and Bank of New York
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Aimia and Bank is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Aimia Srs 1 and Canadian Banc Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canadian Banc Corp and Aimia Srs 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 Aimia Srs 1 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 Canadian Banc Corp has no effect on the direction of Aimia Srs i.e., Aimia Srs and Bank of New York go up and down completely randomly.
Pair Corralation between Aimia Srs and Bank of New York
Assuming the 90 days trading horizon Aimia Srs 1 is expected to under-perform the Bank of New York. In addition to that, Aimia Srs is 1.27 times more volatile than Canadian Banc Corp. It trades about 0.0 of its total potential returns per unit of risk. Canadian Banc Corp is currently generating about 0.28 per unit of volatility. If you would invest 1,198 in Canadian Banc Corp on September 11, 2025 and sell it today you would earn a total of 237.00 from holding Canadian Banc Corp or generate 19.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aimia Srs 1 vs. Canadian Banc Corp
Performance |
| Timeline |
| Aimia Srs 1 |
| Canadian Banc Corp |
Aimia Srs and Bank of New York Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aimia Srs and Bank of New York
The main advantage of trading using opposite Aimia Srs and Bank of New York positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aimia Srs 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.| Aimia Srs vs. North American Financial | Aimia Srs vs. Life Banc Split | Aimia Srs vs. Queens Road Capital | Aimia Srs vs. Canadian Banc Corp |
| Bank of New York vs. Life Banc Split | Bank of New York vs. Financial 15 Split | Bank of New York vs. North American Financial | Bank of New York vs. Fiera Capital |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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