Correlation Between Apollo Senior and Pimco New
Can any of the company-specific risk be diversified away by investing in both Apollo Senior and Pimco New 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 Pimco New 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 Pimco New York, you can compare the effects of market volatilities on Apollo Senior and Pimco New 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 Pimco New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollo Senior and Pimco New.
Diversification Opportunities for Apollo Senior and Pimco New
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Apollo and Pimco is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Apollo Senior Floating and Pimco New York in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pimco New York 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 Pimco New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pimco New York has no effect on the direction of Apollo Senior i.e., Apollo Senior and Pimco New go up and down completely randomly.
Pair Corralation between Apollo Senior and Pimco New
If you would invest 797.00 in Pimco New York on September 1, 2024 and sell it today you would earn a total of 4.00 from holding Pimco New York or generate 0.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Apollo Senior Floating vs. Pimco New York
Performance |
| Timeline |
| Apollo Senior Floating |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Pimco New York |
Apollo Senior and Pimco New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apollo Senior and Pimco New
The main advantage of trading using opposite Apollo Senior and Pimco New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apollo Senior position performs unexpectedly, Pimco New 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 Pimco New will offset losses from the drop in Pimco New'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 |
| Pimco New vs. Invesco Pennsylvania Value | Pimco New vs. Blackrock Muniholdings Ny | Pimco New vs. Eaton Vance National | Pimco New vs. Nuveen New York |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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