Correlation Between Astor Long/short and Nuveen Global
Can any of the company-specific risk be diversified away by investing in both Astor Long/short and Nuveen Global 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 Nuveen Global 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 Nuveen Global Real, you can compare the effects of market volatilities on Astor Long/short and Nuveen Global 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 Nuveen Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astor Long/short and Nuveen Global.
Diversification Opportunities for Astor Long/short and Nuveen Global
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Astor and Nuveen is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Astor Longshort Fund and Nuveen Global Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Global Real 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 Nuveen Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Global Real has no effect on the direction of Astor Long/short i.e., Astor Long/short and Nuveen Global go up and down completely randomly.
Pair Corralation between Astor Long/short and Nuveen Global
Assuming the 90 days horizon Astor Longshort Fund is expected to generate 0.39 times more return on investment than Nuveen Global. However, Astor Longshort Fund is 2.56 times less risky than Nuveen Global. It trades about 0.14 of its potential returns per unit of risk. Nuveen Global Real is currently generating about 0.05 per unit of risk. If you would invest 1,185 in Astor Longshort Fund on September 2, 2024 and sell it today you would earn a total of 246.00 from holding Astor Longshort Fund or generate 20.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Astor Longshort Fund vs. Nuveen Global Real
Performance |
| Timeline |
| Astor Long/short |
| Nuveen Global Real |
Astor Long/short and Nuveen Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astor Long/short and Nuveen Global
The main advantage of trading using opposite Astor Long/short and Nuveen Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astor Long/short position performs unexpectedly, Nuveen Global 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 Nuveen Global will offset losses from the drop in Nuveen Global's long position.| Astor Long/short vs. Fidelity Series Government | Astor Long/short vs. Government Securities Fund | Astor Long/short vs. Dws Government Money | Astor Long/short vs. Dreyfus Government Cash |
| Nuveen Global vs. Oil Gas Ultrasector | Nuveen Global vs. Icon Natural Resources | Nuveen Global vs. Franklin Natural Resources | Nuveen Global vs. Energy Basic Materials |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |