Correlation Between Apollo Tactical and Nuveen NASDAQ
Can any of the company-specific risk be diversified away by investing in both Apollo Tactical and Nuveen NASDAQ 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 Tactical and Nuveen NASDAQ into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apollo Tactical Income and Nuveen NASDAQ 100, you can compare the effects of market volatilities on Apollo Tactical and Nuveen NASDAQ 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 Tactical with a short position of Nuveen NASDAQ. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apollo Tactical and Nuveen NASDAQ.
Diversification Opportunities for Apollo Tactical and Nuveen NASDAQ
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Apollo and Nuveen is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Apollo Tactical Income and Nuveen NASDAQ 100 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen NASDAQ 100 and Apollo Tactical 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 Tactical Income are associated (or correlated) with Nuveen NASDAQ. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen NASDAQ 100 has no effect on the direction of Apollo Tactical i.e., Apollo Tactical and Nuveen NASDAQ go up and down completely randomly.
Pair Corralation between Apollo Tactical and Nuveen NASDAQ
If you would invest 2,544 in Nuveen NASDAQ 100 on August 28, 2024 and sell it today you would earn a total of 55.00 from holding Nuveen NASDAQ 100 or generate 2.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 4.55% |
| Values | Daily Returns |
Apollo Tactical Income vs. Nuveen NASDAQ 100
Performance |
| Timeline |
| Apollo Tactical Income |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Nuveen NASDAQ 100 |
Apollo Tactical and Nuveen NASDAQ Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apollo Tactical and Nuveen NASDAQ
The main advantage of trading using opposite Apollo Tactical and Nuveen NASDAQ positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apollo Tactical position performs unexpectedly, Nuveen NASDAQ 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 NASDAQ will offset losses from the drop in Nuveen NASDAQ's long position.| Apollo Tactical vs. Abrdn Emerging Markets | Apollo Tactical vs. Aberdeen Global Dynamic | Apollo Tactical vs. Bny Mellon Municipalome | Apollo Tactical vs. Nuveen Arizona Quality |
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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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