Correlation Between First Eagle and Nuveen Short
Can any of the company-specific risk be diversified away by investing in both First Eagle and Nuveen Short 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 First Eagle and Nuveen Short into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between First Eagle Alternative and Nuveen Short Duration, you can compare the effects of market volatilities on First Eagle and Nuveen Short 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 First Eagle with a short position of Nuveen Short. Check out your portfolio center. Please also check ongoing floating volatility patterns of First Eagle and Nuveen Short.
Diversification Opportunities for First Eagle and Nuveen Short
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between First and Nuveen is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding First Eagle Alternative and Nuveen Short Duration in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Short Duration and First Eagle 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 First Eagle Alternative are associated (or correlated) with Nuveen Short. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Short Duration has no effect on the direction of First Eagle i.e., First Eagle and Nuveen Short go up and down completely randomly.
Pair Corralation between First Eagle and Nuveen Short
If you would invest 1,153 in Nuveen Short Duration on August 28, 2024 and sell it today you would earn a total of 0.00 from holding Nuveen Short Duration or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
First Eagle Alternative vs. Nuveen Short Duration
Performance |
| Timeline |
| First Eagle Alternative |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Nuveen Short Duration |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
First Eagle and Nuveen Short Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with First Eagle and Nuveen Short
The main advantage of trading using opposite First Eagle and Nuveen Short positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if First Eagle position performs unexpectedly, Nuveen Short 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 Short will offset losses from the drop in Nuveen Short's long position.| First Eagle vs. BBX Capital | First Eagle vs. Highland Funds I | First Eagle vs. Azimut Holding SpA | First Eagle vs. Ameritrans Capital Corp |
| Nuveen Short vs. Millerhoward High Income | Nuveen Short vs. Virtus Global Multi | Nuveen Short vs. Western Asset Mortgage | Nuveen Short vs. Western Asset High |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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