Correlation Between Baillie Gifford and Fidelity Series
Can any of the company-specific risk be diversified away by investing in both Baillie Gifford and Fidelity Series 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 Fidelity Series 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 Fidelity Series International, you can compare the effects of market volatilities on Baillie Gifford and Fidelity Series 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 Fidelity Series. Check out your portfolio center. Please also check ongoing floating volatility patterns of Baillie Gifford and Fidelity Series.
Diversification Opportunities for Baillie Gifford and Fidelity Series
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Baillie and Fidelity is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Baillie Gifford Health and Fidelity Series International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Series Inte 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 Fidelity Series. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Series Inte has no effect on the direction of Baillie Gifford i.e., Baillie Gifford and Fidelity Series go up and down completely randomly.
Pair Corralation between Baillie Gifford and Fidelity Series
If you would invest 1,190 in Fidelity Series International on October 23, 2024 and sell it today you would earn a total of 28.00 from holding Fidelity Series International or generate 2.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Baillie Gifford Health vs. Fidelity Series International
Performance |
| Timeline |
| Baillie Gifford Health |
| Fidelity Series Inte |
Baillie Gifford and Fidelity Series Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Baillie Gifford and Fidelity Series
The main advantage of trading using opposite Baillie Gifford and Fidelity Series positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Baillie Gifford position performs unexpectedly, Fidelity Series 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 Fidelity Series will offset losses from the drop in Fidelity Series' long position.| Baillie Gifford vs. Ashmore Emerging Markets | Baillie Gifford vs. Aqr Sustainable Long Short | Baillie Gifford vs. Vanguard Emerging Markets | Baillie Gifford vs. Locorr Market Trend |
| Fidelity Series vs. Eventide Healthcare Life | Fidelity Series vs. Health Care Ultrasector | Fidelity Series vs. Baillie Gifford Health | Fidelity Series vs. Fidelity Advisor Health |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |