Correlation Between Baillie Gifford and 361 Global
Can any of the company-specific risk be diversified away by investing in both Baillie Gifford and 361 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 Baillie Gifford and 361 Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Baillie Gifford Health and 361 Global Longshort, you can compare the effects of market volatilities on Baillie Gifford and 361 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 Baillie Gifford with a short position of 361 Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Baillie Gifford and 361 Global.
Diversification Opportunities for Baillie Gifford and 361 Global
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Baillie and 361 is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Baillie Gifford Health and 361 Global Longshort in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 361 Global Longshort and Baillie Gifford 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 Baillie Gifford Health are associated (or correlated) with 361 Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 361 Global Longshort has no effect on the direction of Baillie Gifford i.e., Baillie Gifford and 361 Global go up and down completely randomly.
Pair Corralation between Baillie Gifford and 361 Global
If you would invest 1,205 in 361 Global Longshort on October 20, 2024 and sell it today you would earn a total of 19.00 from holding 361 Global Longshort or generate 1.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Baillie Gifford Health vs. 361 Global Longshort
Performance |
| Timeline |
| Baillie Gifford Health |
| 361 Global Longshort |
Baillie Gifford and 361 Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Baillie Gifford and 361 Global
The main advantage of trading using opposite Baillie Gifford and 361 Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Baillie Gifford position performs unexpectedly, 361 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 361 Global will offset losses from the drop in 361 Global's long position.| Baillie Gifford vs. Fpa Queens Road | Baillie Gifford vs. Vanguard Small Cap Value | Baillie Gifford vs. American Century Etf | Baillie Gifford vs. Mutual Of America |
| 361 Global vs. Delaware Emerging Markets | 361 Global vs. Dow 2x Strategy | 361 Global vs. Wcm Focused Emerging | 361 Global vs. Artisan Developing World |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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