Correlation Between Aberdeen Global and Nuveen Intermediate
Can any of the company-specific risk be diversified away by investing in both Aberdeen Global and Nuveen Intermediate 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 Aberdeen Global and Nuveen Intermediate into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aberdeen Global Dynamic and Nuveen Intermediate Duration, you can compare the effects of market volatilities on Aberdeen Global and Nuveen Intermediate 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 Aberdeen Global with a short position of Nuveen Intermediate. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aberdeen Global and Nuveen Intermediate.
Diversification Opportunities for Aberdeen Global and Nuveen Intermediate
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Aberdeen and Nuveen is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Aberdeen Global Dynamic and Nuveen Intermediate Duration in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Intermediate and Aberdeen Global 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 Aberdeen Global Dynamic are associated (or correlated) with Nuveen Intermediate. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Intermediate has no effect on the direction of Aberdeen Global i.e., Aberdeen Global and Nuveen Intermediate go up and down completely randomly.
Pair Corralation between Aberdeen Global and Nuveen Intermediate
If you would invest 640.00 in Nuveen Intermediate Duration on August 25, 2024 and sell it today you would earn a total of 0.00 from holding Nuveen Intermediate Duration or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Aberdeen Global Dynamic vs. Nuveen Intermediate Duration
Performance |
| Timeline |
| Aberdeen Global Dynamic |
| Nuveen Intermediate |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Aberdeen Global and Nuveen Intermediate Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aberdeen Global and Nuveen Intermediate
The main advantage of trading using opposite Aberdeen Global and Nuveen Intermediate positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aberdeen Global position performs unexpectedly, Nuveen Intermediate 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 Nuveen Intermediate will offset losses from the drop in Nuveen Intermediate's long position.| Aberdeen Global vs. Blackrock Resources Commodities | Aberdeen Global vs. Aberdeen Total Dynamic | Aberdeen Global vs. Blackrock Enhanced Equity | Aberdeen Global vs. Cbre Clarion Global |
| Nuveen Intermediate vs. GCM Grosvenor | Nuveen Intermediate vs. Nuveen Municipalome | Nuveen Intermediate vs. Nuveen Arizona Quality | Nuveen Intermediate vs. Blackrock Muniholdings Ny |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |