Correlation Between Glg Intl and Loomis Sayles
Can any of the company-specific risk be diversified away by investing in both Glg Intl and Loomis Sayles 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 Glg Intl and Loomis Sayles into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Glg Intl Small and Loomis Sayles Limited, you can compare the effects of market volatilities on Glg Intl and Loomis Sayles 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 Glg Intl with a short position of Loomis Sayles. Check out your portfolio center. Please also check ongoing floating volatility patterns of Glg Intl and Loomis Sayles.
Diversification Opportunities for Glg Intl and Loomis Sayles
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Glg and Loomis is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Glg Intl Small and Loomis Sayles Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Loomis Sayles Limited and Glg Intl 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 Glg Intl Small are associated (or correlated) with Loomis Sayles. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Loomis Sayles Limited has no effect on the direction of Glg Intl i.e., Glg Intl and Loomis Sayles go up and down completely randomly.
Pair Corralation between Glg Intl and Loomis Sayles
Assuming the 90 days horizon Glg Intl Small is expected to generate 8.41 times more return on investment than Loomis Sayles. However, Glg Intl is 8.41 times more volatile than Loomis Sayles Limited. It trades about 0.03 of its potential returns per unit of risk. Loomis Sayles Limited is currently generating about 0.15 per unit of risk. If you would invest 8,254 in Glg Intl Small on August 28, 2024 and sell it today you would earn a total of 40.00 from holding Glg Intl Small or generate 0.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Glg Intl Small vs. Loomis Sayles Limited
Performance |
| Timeline |
| Glg Intl Small |
| Loomis Sayles Limited |
Glg Intl and Loomis Sayles Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Glg Intl and Loomis Sayles
The main advantage of trading using opposite Glg Intl and Loomis Sayles positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Glg Intl position performs unexpectedly, Loomis Sayles 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 Loomis Sayles will offset losses from the drop in Loomis Sayles' long position.| Glg Intl vs. Oppenheimer Main Street | Glg Intl vs. Oppenheimer Intl Small | Glg Intl vs. Oppenheimer Main Street | Glg Intl vs. Oppenheimer Global Strtgc |
| Loomis Sayles vs. Asg Managed Futures | Loomis Sayles vs. Asg Managed Futures | Loomis Sayles vs. Natixis Oakmark | Loomis Sayles vs. Natixis Oakmark International |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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