Correlation Between Doubleline Yield and Flaherty Crumrine
Can any of the company-specific risk be diversified away by investing in both Doubleline Yield and Flaherty Crumrine 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 Yield and Flaherty Crumrine into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Doubleline Yield Opportunities and Flaherty Crumrine Preferred, you can compare the effects of market volatilities on Doubleline Yield and Flaherty Crumrine 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 Yield with a short position of Flaherty Crumrine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Doubleline Yield and Flaherty Crumrine.
Diversification Opportunities for Doubleline Yield and Flaherty Crumrine
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Doubleline and Flaherty is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Doubleline Yield Opportunities and Flaherty Crumrine Preferred in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Flaherty Crumrine and Doubleline Yield 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 Yield Opportunities are associated (or correlated) with Flaherty Crumrine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Flaherty Crumrine has no effect on the direction of Doubleline Yield i.e., Doubleline Yield and Flaherty Crumrine go up and down completely randomly.
Pair Corralation between Doubleline Yield and Flaherty Crumrine
Considering the 90-day investment horizon Doubleline Yield Opportunities is expected to generate 0.94 times more return on investment than Flaherty Crumrine. However, Doubleline Yield Opportunities is 1.07 times less risky than Flaherty Crumrine. It trades about 0.07 of its potential returns per unit of risk. Flaherty Crumrine Preferred is currently generating about 0.05 per unit of risk. If you would invest 1,153 in Doubleline Yield Opportunities on January 16, 2025 and sell it today you would earn a total of 341.00 from holding Doubleline Yield Opportunities or generate 29.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Doubleline Yield Opportunities vs. Flaherty Crumrine Preferred
Performance |
| Timeline |
| Doubleline Yield Opp |
| Flaherty Crumrine |
Doubleline Yield and Flaherty Crumrine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Doubleline Yield and Flaherty Crumrine
The main advantage of trading using opposite Doubleline Yield and Flaherty Crumrine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Doubleline Yield position performs unexpectedly, Flaherty Crumrine 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 Flaherty Crumrine will offset losses from the drop in Flaherty Crumrine's long position.| Doubleline Yield vs. Highland Opportunities And | Doubleline Yield vs. Doubleline Opportunistic Credit | Doubleline Yield vs. Alliancebernstein Global High | Doubleline Yield vs. Western Asset Emerging |
| Flaherty Crumrine vs. Pimco New York | Flaherty Crumrine vs. Pimco New York | Flaherty Crumrine vs. Morningstar Unconstrained Allocation | Flaherty Crumrine vs. GLENLN 4 16 APR 25 |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |