Correlation Between Cohen Steers and Nuveen Winslow
Can any of the company-specific risk be diversified away by investing in both Cohen Steers and Nuveen Winslow 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 Cohen Steers and Nuveen Winslow into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cohen Steers Dividend and Nuveen Winslow Large Cap, you can compare the effects of market volatilities on Cohen Steers and Nuveen Winslow 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 Cohen Steers with a short position of Nuveen Winslow. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cohen Steers and Nuveen Winslow.
Diversification Opportunities for Cohen Steers and Nuveen Winslow
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Cohen and Nuveen is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Cohen Steers Dividend and Nuveen Winslow Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Winslow Large and Cohen Steers 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 Cohen Steers Dividend are associated (or correlated) with Nuveen Winslow. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Winslow Large has no effect on the direction of Cohen Steers i.e., Cohen Steers and Nuveen Winslow go up and down completely randomly.
Pair Corralation between Cohen Steers and Nuveen Winslow
If you would invest 6,307 in Nuveen Winslow Large Cap on August 30, 2024 and sell it today you would earn a total of 138.00 from holding Nuveen Winslow Large Cap or generate 2.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Cohen Steers Dividend vs. Nuveen Winslow Large Cap
Performance |
| Timeline |
| Cohen Steers Dividend |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Nuveen Winslow Large |
Cohen Steers and Nuveen Winslow Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cohen Steers and Nuveen Winslow
The main advantage of trading using opposite Cohen Steers and Nuveen Winslow positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cohen Steers position performs unexpectedly, Nuveen Winslow 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 Nuveen Winslow will offset losses from the drop in Nuveen Winslow's long position.| Cohen Steers vs. Qs Large Cap | Cohen Steers vs. Dana Large Cap | Cohen Steers vs. Tax Managed Large Cap | Cohen Steers vs. Virtus Nfj 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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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