Correlation Between Astor Long/short and Columbia Porate
Can any of the company-specific risk be diversified away by investing in both Astor Long/short and Columbia Porate 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 Astor Long/short and Columbia Porate into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astor Longshort Fund and Columbia Porate Income, you can compare the effects of market volatilities on Astor Long/short and Columbia Porate 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 Astor Long/short with a short position of Columbia Porate. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astor Long/short and Columbia Porate.
Diversification Opportunities for Astor Long/short and Columbia Porate
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Astor and Columbia is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Astor Longshort Fund and Columbia Porate Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Columbia Porate Income and Astor Long/short 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 Astor Longshort Fund are associated (or correlated) with Columbia Porate. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Columbia Porate Income has no effect on the direction of Astor Long/short i.e., Astor Long/short and Columbia Porate go up and down completely randomly.
Pair Corralation between Astor Long/short and Columbia Porate
If you would invest 1,392 in Astor Longshort Fund on August 29, 2024 and sell it today you would earn a total of 35.00 from holding Astor Longshort Fund or generate 2.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Astor Longshort Fund vs. Columbia Porate Income
Performance |
| Timeline |
| Astor Long/short |
| Columbia Porate Income |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Astor Long/short and Columbia Porate Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astor Long/short and Columbia Porate
The main advantage of trading using opposite Astor Long/short and Columbia Porate positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astor Long/short position performs unexpectedly, Columbia Porate 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 Porate will offset losses from the drop in Columbia Porate's long position.| Astor Long/short vs. Ambrus Core Bond | Astor Long/short vs. Ms Global Fixed | Astor Long/short vs. T Rowe Price | Astor Long/short vs. Multisector Bond Sma |
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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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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