Correlation Between Aquagold International and Segall Bryant
Can any of the company-specific risk be diversified away by investing in both Aquagold International and Segall Bryant 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 Aquagold International and Segall Bryant into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aquagold International and Segall Bryant Hamill, you can compare the effects of market volatilities on Aquagold International and Segall Bryant 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 Aquagold International with a short position of Segall Bryant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aquagold International and Segall Bryant.
Diversification Opportunities for Aquagold International and Segall Bryant
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aquagold and Segall is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aquagold International and Segall Bryant Hamill in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Segall Bryant Hamill and Aquagold International 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 Aquagold International are associated (or correlated) with Segall Bryant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Segall Bryant Hamill has no effect on the direction of Aquagold International i.e., Aquagold International and Segall Bryant go up and down completely randomly.
Pair Corralation between Aquagold International and Segall Bryant
Given the investment horizon of 90 days Aquagold International is expected to generate 47.29 times more return on investment than Segall Bryant. However, Aquagold International is 47.29 times more volatile than Segall Bryant Hamill. It trades about 0.06 of its potential returns per unit of risk. Segall Bryant Hamill is currently generating about 0.06 per unit of risk. If you would invest 25.00 in Aquagold International on August 30, 2024 and sell it today you would lose (24.40) from holding Aquagold International or give up 97.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aquagold International vs. Segall Bryant Hamill
Performance |
| Timeline |
| Aquagold International |
| Segall Bryant Hamill |
Aquagold International and Segall Bryant Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aquagold International and Segall Bryant
The main advantage of trading using opposite Aquagold International and Segall Bryant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aquagold International position performs unexpectedly, Segall Bryant 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 Segall Bryant will offset losses from the drop in Segall Bryant's long position.| Aquagold International vs. PepsiCo | Aquagold International vs. Coca Cola Consolidated | Aquagold International vs. Monster Beverage Corp | Aquagold International vs. Celsius Holdings |
| Segall Bryant vs. Putnam Equity Income | Segall Bryant vs. Putnam Growth Opportunities | Segall Bryant vs. HUMANA INC | Segall Bryant vs. Aquagold International |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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