Correlation Between Elfun Trusts and Angel Oak
Can any of the company-specific risk be diversified away by investing in both Elfun Trusts and Angel Oak 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 Elfun Trusts and Angel Oak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Elfun Trusts Elfun and Angel Oak Core, you can compare the effects of market volatilities on Elfun Trusts and Angel Oak 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 Elfun Trusts with a short position of Angel Oak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and Angel Oak.
Diversification Opportunities for Elfun Trusts and Angel Oak
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Elfun and Angel is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun and Angel Oak Core in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Angel Oak Core and Elfun Trusts 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 Elfun Trusts Elfun are associated (or correlated) with Angel Oak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Angel Oak Core has no effect on the direction of Elfun Trusts i.e., Elfun Trusts and Angel Oak go up and down completely randomly.
Pair Corralation between Elfun Trusts and Angel Oak
If you would invest 9,348 in Elfun Trusts Elfun on September 12, 2024 and sell it today you would earn a total of 711.00 from holding Elfun Trusts Elfun or generate 7.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 1.56% |
| Values | Daily Returns |
Elfun Trusts Elfun vs. Angel Oak Core
Performance |
| Timeline |
| Elfun Trusts Elfun |
| Angel Oak Core |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Elfun Trusts and Angel Oak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elfun Trusts and Angel Oak
The main advantage of trading using opposite Elfun Trusts and Angel Oak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts position performs unexpectedly, Angel Oak 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 Angel Oak will offset losses from the drop in Angel Oak's long position.| Elfun Trusts vs. T Rowe Price | Elfun Trusts vs. Kinetics Market Opportunities | Elfun Trusts vs. Barings Emerging Markets | Elfun Trusts vs. Calvert Developed Market |
| Angel Oak vs. Fidelity Advisor Health | Angel Oak vs. Alphacentric Lifesci Healthcare | Angel Oak vs. The Gabelli Healthcare | Angel Oak vs. Baron Health Care |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |