Correlation Between Credit Suisse and Alger Global
Can any of the company-specific risk be diversified away by investing in both Credit Suisse and Alger 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 Credit Suisse and Alger Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Credit Suisse Floating and Alger Global Growth, you can compare the effects of market volatilities on Credit Suisse and Alger 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 Credit Suisse with a short position of Alger Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Credit Suisse and Alger Global.
Diversification Opportunities for Credit Suisse and Alger Global
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Credit and Alger is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Credit Suisse Floating and Alger Global Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alger Global Growth and Credit Suisse 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 Credit Suisse Floating are associated (or correlated) with Alger Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alger Global Growth has no effect on the direction of Credit Suisse i.e., Credit Suisse and Alger Global go up and down completely randomly.
Pair Corralation between Credit Suisse and Alger Global
Assuming the 90 days horizon Credit Suisse Floating is expected to under-perform the Alger Global. But the mutual fund apears to be less risky and, when comparing its historical volatility, Credit Suisse Floating is 11.45 times less risky than Alger Global. The mutual fund trades about -0.18 of its potential returns per unit of risk. The Alger Global Growth is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 2,493 in Alger Global Growth on November 8, 2024 and sell it today you would earn a total of 63.00 from holding Alger Global Growth or generate 2.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Credit Suisse Floating vs. Alger Global Growth
Performance |
| Timeline |
| Credit Suisse Floating |
| Alger Global Growth |
Credit Suisse and Alger Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Credit Suisse and Alger Global
The main advantage of trading using opposite Credit Suisse and Alger Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Credit Suisse position performs unexpectedly, Alger 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 Alger Global will offset losses from the drop in Alger Global's long position.| Credit Suisse vs. Rationalpier 88 Convertible | Credit Suisse vs. Fidelity Sai Convertible | Credit Suisse vs. Columbia Convertible Securities | Credit Suisse vs. Allianzgi Convertible Income |
| Alger Global vs. Calvert Large Cap | Alger Global vs. Dodge Cox Stock | Alger Global vs. Qs Large Cap | Alger Global vs. Fidelity Large Cap |
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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |