Correlation Between Alliancebernstein and Highland Global
Can any of the company-specific risk be diversified away by investing in both Alliancebernstein and Highland 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 Alliancebernstein and Highland Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Alliancebernstein Global High and Highland Global Allocation, you can compare the effects of market volatilities on Alliancebernstein and Highland 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 Alliancebernstein with a short position of Highland Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alliancebernstein and Highland Global.
Diversification Opportunities for Alliancebernstein and Highland Global
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Alliancebernstein and Highland is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Alliancebernstein Global High and Highland Global Allocation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Highland Global Allo and Alliancebernstein 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 Alliancebernstein Global High are associated (or correlated) with Highland Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Highland Global Allo has no effect on the direction of Alliancebernstein i.e., Alliancebernstein and Highland Global go up and down completely randomly.
Pair Corralation between Alliancebernstein and Highland Global
Considering the 90-day investment horizon Alliancebernstein Global High is expected to generate 0.43 times more return on investment than Highland Global. However, Alliancebernstein Global High is 2.3 times less risky than Highland Global. It trades about 0.11 of its potential returns per unit of risk. Highland Global Allocation is currently generating about 0.02 per unit of risk. If you would invest 890.00 in Alliancebernstein Global High on August 28, 2024 and sell it today you would earn a total of 202.00 from holding Alliancebernstein Global High or generate 22.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.72% |
| Values | Daily Returns |
Alliancebernstein Global High vs. Highland Global Allocation
Performance |
| Timeline |
| Alliancebernstein |
| Highland Global Allo |
Alliancebernstein and Highland Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alliancebernstein and Highland Global
The main advantage of trading using opposite Alliancebernstein and Highland Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alliancebernstein position performs unexpectedly, Highland 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 Highland Global will offset losses from the drop in Highland Global's long position.| Alliancebernstein vs. Doubleline Yield Opportunities | Alliancebernstein vs. Highland Floating Rate | Alliancebernstein vs. Doubleline Opportunistic Credit | Alliancebernstein vs. Western Asset Emerging |
| Highland Global vs. Neuberger Berman Next | Highland Global vs. Doubleline Yield Opportunities | Highland Global vs. Doubleline Income Solutions | Highland Global vs. Clough Global Ef |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Transaction History View history of all your transactions and understand their impact on performance |