Correlation Between Astor Long/short and Wpg Partners
Can any of the company-specific risk be diversified away by investing in both Astor Long/short and Wpg Partners 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 Wpg Partners 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 Wpg Partners Select, you can compare the effects of market volatilities on Astor Long/short and Wpg Partners 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 Wpg Partners. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astor Long/short and Wpg Partners.
Diversification Opportunities for Astor Long/short and Wpg Partners
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Astor and Wpg is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Astor Longshort Fund and Wpg Partners Select in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wpg Partners Select 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 Wpg Partners. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wpg Partners Select has no effect on the direction of Astor Long/short i.e., Astor Long/short and Wpg Partners go up and down completely randomly.
Pair Corralation between Astor Long/short and Wpg Partners
Assuming the 90 days horizon Astor Longshort Fund is expected to generate 0.86 times more return on investment than Wpg Partners. However, Astor Longshort Fund is 1.16 times less risky than Wpg Partners. It trades about 0.14 of its potential returns per unit of risk. Wpg Partners Select is currently generating about 0.02 per unit of risk. If you would invest 1,291 in Astor Longshort Fund on September 1, 2024 and sell it today you would earn a total of 137.00 from holding Astor Longshort Fund or generate 10.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 68.09% |
| Values | Daily Returns |
Astor Longshort Fund vs. Wpg Partners Select
Performance |
| Timeline |
| Astor Long/short |
| Wpg Partners Select |
Astor Long/short and Wpg Partners Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astor Long/short and Wpg Partners
The main advantage of trading using opposite Astor Long/short and Wpg Partners positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astor Long/short position performs unexpectedly, Wpg Partners 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 Wpg Partners will offset losses from the drop in Wpg Partners' long position.| Astor Long/short vs. Fidelity Real Estate | Astor Long/short vs. Prudential Real Estate | Astor Long/short vs. Deutsche Real Estate | Astor Long/short vs. Virtus Real Estate |
| Wpg Partners vs. Barings Emerging Markets | Wpg Partners vs. Shelton Emerging Markets | Wpg Partners vs. Goldman Sachs Emerging | Wpg Partners vs. Pnc Emerging Markets |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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