Correlation Between CBH and Allianzgi Convertible
Can any of the company-specific risk be diversified away by investing in both CBH and Allianzgi Convertible 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 CBH and Allianzgi Convertible into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CBH and Allianzgi Convertible Income, you can compare the effects of market volatilities on CBH and Allianzgi Convertible 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 CBH with a short position of Allianzgi Convertible. Check out your portfolio center. Please also check ongoing floating volatility patterns of CBH and Allianzgi Convertible.
Diversification Opportunities for CBH and Allianzgi Convertible
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CBH and Allianzgi is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding CBH and Allianzgi Convertible Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allianzgi Convertible and CBH 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 CBH are associated (or correlated) with Allianzgi Convertible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allianzgi Convertible has no effect on the direction of CBH i.e., CBH and Allianzgi Convertible go up and down completely randomly.
Pair Corralation between CBH and Allianzgi Convertible
If you would invest 349.00 in Allianzgi Convertible Income on October 21, 2024 and sell it today you would earn a total of 10.00 from holding Allianzgi Convertible Income or generate 2.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
CBH vs. Allianzgi Convertible Income
Performance |
| Timeline |
| CBH |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Allianzgi Convertible |
CBH and Allianzgi Convertible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CBH and Allianzgi Convertible
The main advantage of trading using opposite CBH and Allianzgi Convertible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CBH position performs unexpectedly, Allianzgi Convertible 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 Allianzgi Convertible will offset losses from the drop in Allianzgi Convertible's long position.| CBH vs. Eaton Vance National | CBH vs. Blackrock Muniholdings Ny | CBH vs. Nuveen California Select | CBH vs. MFS Investment Grade |
| Allianzgi Convertible vs. Munivest Fund | Allianzgi Convertible vs. MFS High Income | Allianzgi Convertible vs. Franklin Templeton Limited | Allianzgi Convertible 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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