Correlation Between Cohen Steers and Voya Cbre
Can any of the company-specific risk be diversified away by investing in both Cohen Steers and Voya Cbre 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 Voya Cbre into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cohen Steers Global and Voya Cbre Global, you can compare the effects of market volatilities on Cohen Steers and Voya Cbre 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 Voya Cbre. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cohen Steers and Voya Cbre.
Diversification Opportunities for Cohen Steers and Voya Cbre
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Cohen and Voya is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Cohen Steers Global and Voya Cbre Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Cbre Global 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 Global are associated (or correlated) with Voya Cbre. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Cbre Global has no effect on the direction of Cohen Steers i.e., Cohen Steers and Voya Cbre go up and down completely randomly.
Pair Corralation between Cohen Steers and Voya Cbre
Assuming the 90 days horizon Cohen Steers Global is expected to generate 0.96 times more return on investment than Voya Cbre. However, Cohen Steers Global is 1.04 times less risky than Voya Cbre. It trades about 0.05 of its potential returns per unit of risk. Voya Cbre Global is currently generating about 0.04 per unit of risk. If you would invest 2,161 in Cohen Steers Global on September 3, 2024 and sell it today you would earn a total of 378.00 from holding Cohen Steers Global or generate 17.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cohen Steers Global vs. Voya Cbre Global
Performance |
| Timeline |
| Cohen Steers Global |
| Voya Cbre Global |
Cohen Steers and Voya Cbre Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cohen Steers and Voya Cbre
The main advantage of trading using opposite Cohen Steers and Voya Cbre positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cohen Steers position performs unexpectedly, Voya Cbre 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 Cbre will offset losses from the drop in Voya Cbre's long position.| Cohen Steers vs. Lazard Global Listed | Cohen Steers vs. Lazard Global Listed | Cohen Steers vs. Mainstay Cbre Global | Cohen Steers vs. Deutsche Global Infrastructure |
| Voya Cbre vs. Lazard Global Listed | Voya Cbre vs. Lazard Global Listed | Voya Cbre vs. Mainstay Cbre Global | Voya Cbre vs. Deutsche Global Infrastructure |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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