Correlation Between Assurant and Sandston Corp
Can any of the company-specific risk be diversified away by investing in both Assurant and Sandston Corp 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 Assurant and Sandston Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Assurant and Sandston Corp, you can compare the effects of market volatilities on Assurant and Sandston Corp 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 Assurant with a short position of Sandston Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Assurant and Sandston Corp.
Diversification Opportunities for Assurant and Sandston Corp
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Assurant and Sandston is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Assurant and Sandston Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sandston Corp and Assurant 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 Assurant are associated (or correlated) with Sandston Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sandston Corp has no effect on the direction of Assurant i.e., Assurant and Sandston Corp go up and down completely randomly.
Pair Corralation between Assurant and Sandston Corp
If you would invest 15.00 in Sandston Corp on October 21, 2024 and sell it today you would earn a total of 0.00 from holding Sandston Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
Assurant vs. Sandston Corp
Performance |
| Timeline |
| Assurant |
| Sandston Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Assurant and Sandston Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Assurant and Sandston Corp
The main advantage of trading using opposite Assurant and Sandston Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Assurant position performs unexpectedly, Sandston Corp 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 Sandston Corp will offset losses from the drop in Sandston Corp's long position.| Assurant vs. Assured Guaranty | Assurant vs. Ambac Financial Group | Assurant vs. AMERISAFE | Assurant vs. Enact Holdings |
| Sandston Corp vs. Cincinnati Financial | Sandston Corp vs. Molina Healthcare | Sandston Corp vs. Sable Offshore Corp | Sandston Corp vs. Tenaris SA ADR |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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