Correlation Between Apollo Senior and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both Apollo Senior and Cohen Steers 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 Cohen Steers 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 Cohen Steers, you can compare the effects of market volatilities on Apollo Senior and Cohen Steers 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 Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollo Senior and Cohen Steers.
Diversification Opportunities for Apollo Senior and Cohen Steers
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Apollo and Cohen is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Apollo Senior Floating and Cohen Steers in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers 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 Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers has no effect on the direction of Apollo Senior i.e., Apollo Senior and Cohen Steers go up and down completely randomly.
Pair Corralation between Apollo Senior and Cohen Steers
If you would invest 9,819 in Cohen Steers on September 1, 2024 and sell it today you would earn a total of 647.00 from holding Cohen Steers or generate 6.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Apollo Senior Floating vs. Cohen Steers
Performance |
| Timeline |
| Apollo Senior Floating |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cohen Steers |
Apollo Senior and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apollo Senior and Cohen Steers
The main advantage of trading using opposite Apollo Senior and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apollo Senior position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' 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 |
| Cohen Steers vs. Federated Premier Municipal | Cohen Steers vs. Blackrock Muniyield | Cohen Steers vs. Diamond Hill Investment | Cohen Steers vs. NXG NextGen Infrastructure |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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