Correlation Between Astor Longshort and Doubleline Total
Can any of the company-specific risk be diversified away by investing in both Astor Longshort and Doubleline Total 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 Longshort and Doubleline Total 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 Doubleline Total Return, you can compare the effects of market volatilities on Astor Longshort and Doubleline Total 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 Longshort with a short position of Doubleline Total. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astor Longshort and Doubleline Total.
Diversification Opportunities for Astor Longshort and Doubleline Total
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Astor and Doubleline is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Astor Longshort Fund and Doubleline Total Return in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doubleline Total Return and Astor Longshort 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 Doubleline Total. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Doubleline Total Return has no effect on the direction of Astor Longshort i.e., Astor Longshort and Doubleline Total go up and down completely randomly.
Pair Corralation between Astor Longshort and Doubleline Total
Assuming the 90 days horizon Astor Longshort is expected to generate 1.75 times less return on investment than Doubleline Total. In addition to that, Astor Longshort is 1.1 times more volatile than Doubleline Total Return. It trades about 0.09 of its total potential returns per unit of risk. Doubleline Total Return is currently generating about 0.17 per unit of volatility. If you would invest 874.00 in Doubleline Total Return on September 12, 2024 and sell it today you would earn a total of 8.00 from holding Doubleline Total Return or generate 0.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Astor Longshort Fund vs. Doubleline Total Return
Performance |
| Timeline |
| Astor Longshort |
| Doubleline Total Return |
Astor Longshort and Doubleline Total Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astor Longshort and Doubleline Total
The main advantage of trading using opposite Astor Longshort and Doubleline Total positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astor Longshort position performs unexpectedly, Doubleline Total 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 Doubleline Total will offset losses from the drop in Doubleline Total's long position.| Astor Longshort vs. SCOR PK | Astor Longshort vs. Morningstar Unconstrained Allocation | Astor Longshort vs. Via Renewables | Astor Longshort vs. Bondbloxx ETF Trust |
| Doubleline Total vs. Astor Longshort Fund | Doubleline Total vs. Barings Active Short | Doubleline Total vs. Angel Oak Ultrashort | Doubleline Total vs. Blackrock Short Term Inflat Protected |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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