Correlation Between Blackstone Secured and Alger Midcap
Can any of the company-specific risk be diversified away by investing in both Blackstone Secured and Alger Midcap 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 Blackstone Secured and Alger Midcap into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Blackstone Secured Lending and Alger Midcap Growth, you can compare the effects of market volatilities on Blackstone Secured and Alger Midcap 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 Blackstone Secured with a short position of Alger Midcap. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blackstone Secured and Alger Midcap.
Diversification Opportunities for Blackstone Secured and Alger Midcap
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Blackstone and Alger is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Blackstone Secured Lending and Alger Midcap Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alger Midcap Growth and Blackstone Secured 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 Blackstone Secured Lending are associated (or correlated) with Alger Midcap. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alger Midcap Growth has no effect on the direction of Blackstone Secured i.e., Blackstone Secured and Alger Midcap go up and down completely randomly.
Pair Corralation between Blackstone Secured and Alger Midcap
Given the investment horizon of 90 days Blackstone Secured Lending is expected to generate 0.59 times more return on investment than Alger Midcap. However, Blackstone Secured Lending is 1.69 times less risky than Alger Midcap. It trades about 0.26 of its potential returns per unit of risk. Alger Midcap Growth is currently generating about 0.12 per unit of risk. If you would invest 3,219 in Blackstone Secured Lending on November 4, 2024 and sell it today you would earn a total of 138.00 from holding Blackstone Secured Lending or generate 4.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blackstone Secured Lending vs. Alger Midcap Growth
Performance |
| Timeline |
| Blackstone Secured |
| Alger Midcap Growth |
Blackstone Secured and Alger Midcap Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blackstone Secured and Alger Midcap
The main advantage of trading using opposite Blackstone Secured and Alger Midcap positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blackstone Secured position performs unexpectedly, Alger Midcap 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 Alger Midcap will offset losses from the drop in Alger Midcap's long position.| Blackstone Secured vs. Carlyle Secured Lending | Blackstone Secured vs. Oaktree Specialty Lending | Blackstone Secured vs. Sixth Street Specialty | Blackstone Secured vs. FS KKR Capital |
| Alger Midcap vs. World Precious Minerals | Alger Midcap vs. Precious Metals And | Alger Midcap vs. First Eagle Gold | Alger Midcap vs. Gold Portfolio Fidelity |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |