Correlation Between Fidelity Sai and Dunham Emerging
Can any of the company-specific risk be diversified away by investing in both Fidelity Sai and Dunham Emerging 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 Fidelity Sai and Dunham Emerging into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelity Sai Convertible and Dunham Emerging Markets, you can compare the effects of market volatilities on Fidelity Sai and Dunham Emerging 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 Fidelity Sai with a short position of Dunham Emerging. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Sai and Dunham Emerging.
Diversification Opportunities for Fidelity Sai and Dunham Emerging
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Fidelity and Dunham is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Sai Convertible and Dunham Emerging Markets in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dunham Emerging Markets and Fidelity Sai 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 Fidelity Sai Convertible are associated (or correlated) with Dunham Emerging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dunham Emerging Markets has no effect on the direction of Fidelity Sai i.e., Fidelity Sai and Dunham Emerging go up and down completely randomly.
Pair Corralation between Fidelity Sai and Dunham Emerging
Assuming the 90 days horizon Fidelity Sai Convertible is expected to generate 0.12 times more return on investment than Dunham Emerging. However, Fidelity Sai Convertible is 8.33 times less risky than Dunham Emerging. It trades about 0.62 of its potential returns per unit of risk. Dunham Emerging Markets is currently generating about -0.06 per unit of risk. If you would invest 1,060 in Fidelity Sai Convertible on December 1, 2024 and sell it today you would earn a total of 16.00 from holding Fidelity Sai Convertible or generate 1.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Fidelity Sai Convertible vs. Dunham Emerging Markets
Performance |
| Timeline |
| Fidelity Sai Convertible |
| Dunham Emerging Markets |
Fidelity Sai and Dunham Emerging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Sai and Dunham Emerging
The main advantage of trading using opposite Fidelity Sai and Dunham Emerging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Sai position performs unexpectedly, Dunham Emerging 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 Dunham Emerging will offset losses from the drop in Dunham Emerging's long position.| Fidelity Sai vs. Franklin Federal Limited Term | Fidelity Sai vs. Barings Emerging Markets | Fidelity Sai vs. Transamerica Emerging Markets | Fidelity Sai vs. Doubleline Emerging Markets |
| Dunham Emerging vs. College Retirement Equities | Dunham Emerging vs. Tiaa Cref Lifestyle Moderate | Dunham Emerging vs. Dimensional Retirement Income | Dunham Emerging vs. Jp Morgan Smartretirement |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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