Correlation Between Doubleline Yield and Clough Global
Can any of the company-specific risk be diversified away by investing in both Doubleline Yield and Clough 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 Doubleline Yield and Clough Global 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 Clough Global Ef, you can compare the effects of market volatilities on Doubleline Yield and Clough 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 Doubleline Yield with a short position of Clough Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Doubleline Yield and Clough Global.
Diversification Opportunities for Doubleline Yield and Clough Global
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between DoubleLine and Clough is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Doubleline Yield Opportunities and Clough Global Ef in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clough Global Ef 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 Clough Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clough Global Ef has no effect on the direction of Doubleline Yield i.e., Doubleline Yield and Clough Global go up and down completely randomly.
Pair Corralation between Doubleline Yield and Clough Global
Considering the 90-day investment horizon Doubleline Yield Opportunities is expected to generate 1.01 times more return on investment than Clough Global. However, Doubleline Yield is 1.01 times more volatile than Clough Global Ef. It trades about 0.29 of its potential returns per unit of risk. Clough Global Ef is currently generating about 0.15 per unit of risk. If you would invest 1,566 in Doubleline Yield Opportunities on September 1, 2024 and sell it today you would earn a total of 77.00 from holding Doubleline Yield Opportunities or generate 4.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Doubleline Yield Opportunities vs. Clough Global Ef
Performance |
| Timeline |
| Doubleline Yield Opp |
| Clough Global Ef |
Doubleline Yield and Clough Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Doubleline Yield and Clough Global
The main advantage of trading using opposite Doubleline Yield and Clough Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Doubleline Yield position performs unexpectedly, Clough 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 Clough Global will offset losses from the drop in Clough Global's long position.| Doubleline Yield vs. Highland Floating Rate | Doubleline Yield vs. Doubleline Opportunistic Credit | Doubleline Yield vs. Alliancebernstein Global High | Doubleline Yield vs. Western Asset Emerging |
| Clough Global vs. Allianzgi Convertible Income | Clough Global vs. MFS Investment Grade | Clough Global vs. Eaton Vance Senior | Clough Global vs. Stone Harbor Emerging |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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