Correlation Between Allianzgi Technology and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both Allianzgi Technology 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 Allianzgi Technology and Cohen Steers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Allianzgi Technology Fund and Cohen Steers Preferred, you can compare the effects of market volatilities on Allianzgi Technology 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 Allianzgi Technology with a short position of Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allianzgi Technology and Cohen Steers.
Diversification Opportunities for Allianzgi Technology and Cohen Steers
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Allianzgi and Cohen is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Technology Fund and Cohen Steers Preferred in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Preferred and Allianzgi Technology 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 Allianzgi Technology Fund 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 Preferred has no effect on the direction of Allianzgi Technology i.e., Allianzgi Technology and Cohen Steers go up and down completely randomly.
Pair Corralation between Allianzgi Technology and Cohen Steers
Assuming the 90 days horizon Allianzgi Technology Fund is expected to generate 10.02 times more return on investment than Cohen Steers. However, Allianzgi Technology is 10.02 times more volatile than Cohen Steers Preferred. It trades about 0.09 of its potential returns per unit of risk. Cohen Steers Preferred is currently generating about 0.05 per unit of risk. If you would invest 8,674 in Allianzgi Technology Fund on August 31, 2024 and sell it today you would earn a total of 223.00 from holding Allianzgi Technology Fund or generate 2.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allianzgi Technology Fund vs. Cohen Steers Preferred
Performance |
| Timeline |
| Allianzgi Technology |
| Cohen Steers Preferred |
Allianzgi Technology and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allianzgi Technology and Cohen Steers
The main advantage of trading using opposite Allianzgi Technology and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allianzgi Technology 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.| Allianzgi Technology vs. Goldman Sachs Strategic | Allianzgi Technology vs. Red Oak Technology | Allianzgi Technology vs. Kinetics Internet Fund | Allianzgi Technology vs. Tomorrows Scholar College |
| Cohen Steers vs. Allianzgi Technology Fund | Cohen Steers vs. Fidelity Advisor Technology | Cohen Steers vs. Goldman Sachs Technology | Cohen Steers vs. Technology Ultrasector Profund |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |