Correlation Between Dreyfus Government and Aegis Value
Can any of the company-specific risk be diversified away by investing in both Dreyfus Government and Aegis Value 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 Dreyfus Government and Aegis Value into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dreyfus Government Cash and Aegis Value Fund, you can compare the effects of market volatilities on Dreyfus Government and Aegis Value 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 Dreyfus Government with a short position of Aegis Value. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dreyfus Government and Aegis Value.
Diversification Opportunities for Dreyfus Government and Aegis Value
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Dreyfus and Aegis is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Dreyfus Government Cash and Aegis Value Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aegis Value Fund and Dreyfus Government 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 Dreyfus Government Cash are associated (or correlated) with Aegis Value. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aegis Value Fund has no effect on the direction of Dreyfus Government i.e., Dreyfus Government and Aegis Value go up and down completely randomly.
Pair Corralation between Dreyfus Government and Aegis Value
If you would invest 3,538 in Aegis Value Fund on October 23, 2024 and sell it today you would earn a total of 213.00 from holding Aegis Value Fund or generate 6.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
Dreyfus Government Cash vs. Aegis Value Fund
Performance |
| Timeline |
| Dreyfus Government Cash |
| Aegis Value Fund |
Dreyfus Government and Aegis Value Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dreyfus Government and Aegis Value
The main advantage of trading using opposite Dreyfus Government and Aegis Value positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dreyfus Government position performs unexpectedly, Aegis Value 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 Aegis Value will offset losses from the drop in Aegis Value's long position.| Dreyfus Government vs. Hennessy Bp Energy | Dreyfus Government vs. Transamerica Mlp Energy | Dreyfus Government vs. Vanguard Energy Index | Dreyfus Government vs. Thrivent Natural Resources |
| Aegis Value vs. Dws Government Money | Aegis Value vs. Hsbc Government Money | Aegis Value vs. Dreyfus Government Cash | Aegis Value vs. Voya Government Money |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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