Correlation Between Armada Hflr and Columbia Integrated
Can any of the company-specific risk be diversified away by investing in both Armada Hflr and Columbia Integrated 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 Armada Hflr and Columbia Integrated into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Armada Hflr Pr and Columbia Integrated Large, you can compare the effects of market volatilities on Armada Hflr and Columbia Integrated 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 Armada Hflr with a short position of Columbia Integrated. Check out your portfolio center. Please also check ongoing floating volatility patterns of Armada Hflr and Columbia Integrated.
Diversification Opportunities for Armada Hflr and Columbia Integrated
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Armada and Columbia is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Armada Hflr Pr and Columbia Integrated Large in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Columbia Integrated Large and Armada Hflr 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 Armada Hflr Pr are associated (or correlated) with Columbia Integrated. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Columbia Integrated Large has no effect on the direction of Armada Hflr i.e., Armada Hflr and Columbia Integrated go up and down completely randomly.
Pair Corralation between Armada Hflr and Columbia Integrated
Considering the 90-day investment horizon Armada Hflr is expected to generate 1.25 times less return on investment than Columbia Integrated. In addition to that, Armada Hflr is 1.71 times more volatile than Columbia Integrated Large. It trades about 0.02 of its total potential returns per unit of risk. Columbia Integrated Large is currently generating about 0.04 per unit of volatility. If you would invest 1,298 in Columbia Integrated Large on September 19, 2024 and sell it today you would earn a total of 49.00 from holding Columbia Integrated Large or generate 3.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 24.65% |
| Values | Daily Returns |
Armada Hflr Pr vs. Columbia Integrated Large
Performance |
| Timeline |
| Armada Hflr Pr |
| Columbia Integrated Large |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Armada Hflr and Columbia Integrated Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Armada Hflr and Columbia Integrated
The main advantage of trading using opposite Armada Hflr and Columbia Integrated positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Armada Hflr position performs unexpectedly, Columbia Integrated 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 Columbia Integrated will offset losses from the drop in Columbia Integrated's long position.| Armada Hflr vs. Modiv Inc | Armada Hflr vs. Precinct Properties New | Armada Hflr vs. Global Net Lease | Armada Hflr vs. NexPoint Diversified Real |
| Columbia Integrated vs. Qs Global Equity | Columbia Integrated vs. Calamos Global Equity | Columbia Integrated vs. Dodge International Stock | Columbia Integrated vs. Cutler Equity |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Transaction History View history of all your transactions and understand their impact on performance |