Correlation Between Angel Oak and Fidelity Sai
Can any of the company-specific risk be diversified away by investing in both Angel Oak and Fidelity Sai 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 Angel Oak and Fidelity Sai into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Angel Oak Multi Strategy and Fidelity Sai Treasury, you can compare the effects of market volatilities on Angel Oak and Fidelity Sai 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 Angel Oak with a short position of Fidelity Sai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Angel Oak and Fidelity Sai.
Diversification Opportunities for Angel Oak and Fidelity Sai
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Angel and Fidelity is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Angel Oak Multi Strategy and Fidelity Sai Treasury in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Sai Treasury and Angel Oak 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 Angel Oak Multi Strategy are associated (or correlated) with Fidelity Sai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Sai Treasury has no effect on the direction of Angel Oak i.e., Angel Oak and Fidelity Sai go up and down completely randomly.
Pair Corralation between Angel Oak and Fidelity Sai
Assuming the 90 days horizon Angel Oak Multi Strategy is expected to generate 0.51 times more return on investment than Fidelity Sai. However, Angel Oak Multi Strategy is 1.95 times less risky than Fidelity Sai. It trades about 0.11 of its potential returns per unit of risk. Fidelity Sai Treasury is currently generating about 0.03 per unit of risk. If you would invest 771.00 in Angel Oak Multi Strategy on September 14, 2024 and sell it today you would earn a total of 87.00 from holding Angel Oak Multi Strategy or generate 11.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Angel Oak Multi Strategy vs. Fidelity Sai Treasury
Performance |
| Timeline |
| Angel Oak Multi |
| Fidelity Sai Treasury |
Angel Oak and Fidelity Sai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Angel Oak and Fidelity Sai
The main advantage of trading using opposite Angel Oak and Fidelity Sai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Angel Oak position performs unexpectedly, Fidelity Sai 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 Fidelity Sai will offset losses from the drop in Fidelity Sai's long position.| Angel Oak vs. Pgim Jennison Diversified | Angel Oak vs. Small Cap Stock | Angel Oak vs. Davenport Small Cap | Angel Oak vs. Tiaa Cref Small Cap Blend |
| Fidelity Sai vs. Origin Emerging Markets | Fidelity Sai vs. Investec Emerging Markets | Fidelity Sai vs. Transamerica Emerging Markets | Fidelity Sai vs. Angel Oak Multi Strategy |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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