Correlation Between Allianzgi Technology and American Beacon
Can any of the company-specific risk be diversified away by investing in both Allianzgi Technology and American Beacon 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 American Beacon 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 American Beacon Glg, you can compare the effects of market volatilities on Allianzgi Technology and American Beacon 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 American Beacon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allianzgi Technology and American Beacon.
Diversification Opportunities for Allianzgi Technology and American Beacon
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Allianzgi and American is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Technology Fund and American Beacon Glg in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on American Beacon Glg 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 American Beacon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of American Beacon Glg has no effect on the direction of Allianzgi Technology i.e., Allianzgi Technology and American Beacon go up and down completely randomly.
Pair Corralation between Allianzgi Technology and American Beacon
If you would invest 8,703 in Allianzgi Technology Fund on September 13, 2024 and sell it today you would earn a total of 523.00 from holding Allianzgi Technology Fund or generate 6.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Allianzgi Technology Fund vs. American Beacon Glg
Performance |
| Timeline |
| Allianzgi Technology |
| American Beacon Glg |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Allianzgi Technology and American Beacon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allianzgi Technology and American Beacon
The main advantage of trading using opposite Allianzgi Technology and American Beacon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allianzgi Technology position performs unexpectedly, American Beacon 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 American Beacon will offset losses from the drop in American Beacon's 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 |
| American Beacon vs. T Rowe Price | American Beacon vs. Multisector Bond Sma | American Beacon vs. T Rowe Price | American Beacon vs. Pace High Yield |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |