Correlation Between Cohen Steers and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both Cohen Steers and Cohen Steers 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 Cohen Steers and Cohen Steers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cohen Steers Prefrd and Cohen Steers Real, you can compare the effects of market volatilities on Cohen Steers and Cohen Steers 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 Cohen Steers with a short position of Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cohen Steers and Cohen Steers.
Diversification Opportunities for Cohen Steers and Cohen Steers
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cohen and Cohen is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Cohen Steers Prefrd and Cohen Steers Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Real and Cohen Steers 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 Cohen Steers Prefrd are associated (or correlated) with Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Real has no effect on the direction of Cohen Steers i.e., Cohen Steers and Cohen Steers go up and down completely randomly.
Pair Corralation between Cohen Steers and Cohen Steers
Assuming the 90 days horizon Cohen Steers Prefrd is expected to under-perform the Cohen Steers. But the mutual fund apears to be less risky and, when comparing its historical volatility, Cohen Steers Prefrd is 3.82 times less risky than Cohen Steers. The mutual fund trades about -0.03 of its potential returns per unit of risk. The Cohen Steers Real is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 1,055 in Cohen Steers Real on August 31, 2024 and sell it today you would earn a total of 3.00 from holding Cohen Steers Real or generate 0.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Cohen Steers Prefrd vs. Cohen Steers Real
Performance |
| Timeline |
| Cohen Steers Prefrd |
| Cohen Steers Real |
Cohen Steers and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cohen Steers and Cohen Steers
The main advantage of trading using opposite Cohen Steers and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cohen Steers position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' long position.| Cohen Steers vs. Transamerica Financial Life | Cohen Steers vs. Mesirow Financial Small | Cohen Steers vs. Goldman Sachs Financial | Cohen Steers vs. Gabelli Global Financial |
| Cohen Steers vs. T Rowe Price | Cohen Steers vs. Ashmore Emerging Markets | Cohen Steers vs. Jpmorgan Trust I | Cohen Steers vs. Aim Investment Secs |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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