Correlation Between Apollo Senior and Doubleline Income
Can any of the company-specific risk be diversified away by investing in both Apollo Senior and Doubleline Income 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 Doubleline Income 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 Doubleline Income Solutions, you can compare the effects of market volatilities on Apollo Senior and Doubleline Income 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 Doubleline Income. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollo Senior and Doubleline Income.
Diversification Opportunities for Apollo Senior and Doubleline Income
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Apollo and Doubleline is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Apollo Senior Floating and Doubleline Income Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doubleline Income 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 Doubleline Income. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Doubleline Income has no effect on the direction of Apollo Senior i.e., Apollo Senior and Doubleline Income go up and down completely randomly.
Pair Corralation between Apollo Senior and Doubleline Income
Considering the 90-day investment horizon Apollo Senior Floating is expected to generate 0.8 times more return on investment than Doubleline Income. However, Apollo Senior Floating is 1.25 times less risky than Doubleline Income. It trades about 0.12 of its potential returns per unit of risk. Doubleline Income Solutions is currently generating about 0.07 per unit of risk. If you would invest 1,118 in Apollo Senior Floating on November 2, 2024 and sell it today you would earn a total of 368.00 from holding Apollo Senior Floating or generate 32.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 73.08% |
| Values | Daily Returns |
Apollo Senior Floating vs. Doubleline Income Solutions
Performance |
| Timeline |
| Apollo Senior Floating |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Doubleline Income |
Apollo Senior and Doubleline Income Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apollo Senior and Doubleline Income
The main advantage of trading using opposite Apollo Senior and Doubleline Income positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apollo Senior position performs unexpectedly, Doubleline Income 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 Doubleline Income will offset losses from the drop in Doubleline Income'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 |
| Doubleline Income vs. Highland Floating Rate | Doubleline Income vs. Pimco Dynamic Income | Doubleline Income vs. Doubleline Opportunistic Credit | Doubleline Income vs. Neuberger Berman Next |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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