Correlation Between Baillie Gifford and Voya Limited
Can any of the company-specific risk be diversified away by investing in both Baillie Gifford and Voya Limited 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 Voya Limited 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 Voya Limited Maturity, you can compare the effects of market volatilities on Baillie Gifford and Voya Limited 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 Voya Limited. Check out your portfolio center. Please also check ongoing floating volatility patterns of Baillie Gifford and Voya Limited.
Diversification Opportunities for Baillie Gifford and Voya Limited
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Baillie and Voya is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Baillie Gifford Health and Voya Limited Maturity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Limited Maturity 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 Voya Limited. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Limited Maturity has no effect on the direction of Baillie Gifford i.e., Baillie Gifford and Voya Limited go up and down completely randomly.
Pair Corralation between Baillie Gifford and Voya Limited
If you would invest 551.00 in Baillie Gifford Health on September 22, 2024 and sell it today you would earn a total of 22.00 from holding Baillie Gifford Health or generate 3.99% 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. Voya Limited Maturity
Performance |
| Timeline |
| Baillie Gifford Health |
| Voya Limited Maturity |
Baillie Gifford and Voya Limited Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Baillie Gifford and Voya Limited
The main advantage of trading using opposite Baillie Gifford and Voya Limited positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Baillie Gifford position performs unexpectedly, Voya Limited 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 Voya Limited will offset losses from the drop in Voya Limited's long position.| Baillie Gifford vs. The Eafe Pure | Baillie Gifford vs. The Long Term | Baillie Gifford vs. Baillie Gifford International | Baillie Gifford vs. Baillie Gifford International |
| Voya Limited vs. The Gabelli Healthcare | Voya Limited vs. Hartford Healthcare Hls | Voya Limited vs. Baillie Gifford Health | Voya Limited vs. Delaware Healthcare Fund |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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