Correlation Between Guidepath Managed and Manning Napier
Can any of the company-specific risk be diversified away by investing in both Guidepath Managed and Manning Napier 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 Guidepath Managed and Manning Napier into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Guidepath Managed Futures and Manning Napier Disciplined, you can compare the effects of market volatilities on Guidepath Managed and Manning Napier 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 Guidepath Managed with a short position of Manning Napier. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guidepath Managed and Manning Napier.
Diversification Opportunities for Guidepath Managed and Manning Napier
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Guidepath and Manning is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Guidepath Managed Futures and Manning Napier Disciplined in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manning Napier Disci and Guidepath Managed 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 Guidepath Managed Futures are associated (or correlated) with Manning Napier. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manning Napier Disci has no effect on the direction of Guidepath Managed i.e., Guidepath Managed and Manning Napier go up and down completely randomly.
Pair Corralation between Guidepath Managed and Manning Napier
Assuming the 90 days horizon Guidepath Managed Futures is expected to under-perform the Manning Napier. In addition to that, Guidepath Managed is 1.21 times more volatile than Manning Napier Disciplined. It trades about -0.16 of its total potential returns per unit of risk. Manning Napier Disciplined is currently generating about -0.05 per unit of volatility. If you would invest 785.00 in Manning Napier Disciplined on December 9, 2024 and sell it today you would lose (8.00) from holding Manning Napier Disciplined or give up 1.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guidepath Managed Futures vs. Manning Napier Disciplined
Performance |
| Timeline |
| Guidepath Managed Futures |
| Manning Napier Disci |
Guidepath Managed and Manning Napier Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guidepath Managed and Manning Napier
The main advantage of trading using opposite Guidepath Managed and Manning Napier positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guidepath Managed position performs unexpectedly, Manning Napier 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 Manning Napier will offset losses from the drop in Manning Napier's long position.| Guidepath Managed vs. Ashmore Emerging Markets | ||
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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.
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