Correlation Between Apollo Senior and BlackRock Municipal
Can any of the company-specific risk be diversified away by investing in both Apollo Senior and BlackRock Municipal 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 Apollo Senior and BlackRock Municipal into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apollo Senior Floating and BlackRock Municipal Income, you can compare the effects of market volatilities on Apollo Senior and BlackRock Municipal 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 Apollo Senior with a short position of BlackRock Municipal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollo Senior and BlackRock Municipal.
Diversification Opportunities for Apollo Senior and BlackRock Municipal
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Apollo and BlackRock is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Apollo Senior Floating and BlackRock Municipal Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BlackRock Municipal and Apollo Senior 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 Apollo Senior Floating are associated (or correlated) with BlackRock Municipal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BlackRock Municipal has no effect on the direction of Apollo Senior i.e., Apollo Senior and BlackRock Municipal go up and down completely randomly.
Pair Corralation between Apollo Senior and BlackRock Municipal
If you would invest 1,006 in BlackRock Municipal Income on December 24, 2024 and sell it today you would earn a total of 16.00 from holding BlackRock Municipal Income or generate 1.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Apollo Senior Floating vs. BlackRock Municipal Income
Performance |
| Timeline |
| Apollo Senior Floating |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| BlackRock Municipal |
Apollo Senior and BlackRock Municipal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apollo Senior and BlackRock Municipal
The main advantage of trading using opposite Apollo Senior and BlackRock Municipal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apollo Senior position performs unexpectedly, BlackRock Municipal 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 BlackRock Municipal will offset losses from the drop in BlackRock Municipal's long position.| Apollo Senior vs. Blackstone Gso Strategic | Apollo Senior vs. First Trust Senior | Apollo Senior vs. BlackRock Floating Rate | Apollo Senior vs. Eaton Vance Senior |
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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