Correlation Between Doubleline Core and First Investors
Can any of the company-specific risk be diversified away by investing in both Doubleline Core and First Investors 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 Doubleline Core and First Investors into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Doubleline Core Fixed and First Investors Total, you can compare the effects of market volatilities on Doubleline Core and First Investors 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 Doubleline Core with a short position of First Investors. Check out your portfolio center. Please also check ongoing floating volatility patterns of Doubleline Core and First Investors.
Diversification Opportunities for Doubleline Core and First Investors
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Doubleline and First is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Doubleline Core Fixed and First Investors Total in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Investors Total and Doubleline Core 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 Doubleline Core Fixed are associated (or correlated) with First Investors. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Investors Total has no effect on the direction of Doubleline Core i.e., Doubleline Core and First Investors go up and down completely randomly.
Pair Corralation between Doubleline Core and First Investors
If you would invest 914.00 in Doubleline Core Fixed on November 3, 2024 and sell it today you would earn a total of 7.00 from holding Doubleline Core Fixed or generate 0.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Doubleline Core Fixed vs. First Investors Total
Performance |
| Timeline |
| Doubleline Core Fixed |
| First Investors Total |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Doubleline Core and First Investors Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Doubleline Core and First Investors
The main advantage of trading using opposite Doubleline Core and First Investors positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Doubleline Core position performs unexpectedly, First Investors 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 First Investors will offset losses from the drop in First Investors' long position.| Doubleline Core vs. Dunham Large Cap | Doubleline Core vs. Americafirst Large Cap | Doubleline Core vs. Fisher Large Cap | Doubleline Core vs. Transamerica Large Cap |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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