Correlation Between Greenspring Fund and Angel Oak
Can any of the company-specific risk be diversified away by investing in both Greenspring Fund 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 Greenspring Fund and Angel Oak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Greenspring Fund Retail and Angel Oak Multi Strategy, you can compare the effects of market volatilities on Greenspring Fund 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 Greenspring Fund with a short position of Angel Oak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Greenspring Fund and Angel Oak.
Diversification Opportunities for Greenspring Fund and Angel Oak
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Greenspring and Angel is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Greenspring Fund Retail and Angel Oak Multi Strategy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Angel Oak Multi and Greenspring Fund 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 Greenspring Fund Retail 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 Multi has no effect on the direction of Greenspring Fund i.e., Greenspring Fund and Angel Oak go up and down completely randomly.
Pair Corralation between Greenspring Fund and Angel Oak
Assuming the 90 days horizon Greenspring Fund Retail is expected to generate 6.37 times more return on investment than Angel Oak. However, Greenspring Fund is 6.37 times more volatile than Angel Oak Multi Strategy. It trades about 0.21 of its potential returns per unit of risk. Angel Oak Multi Strategy is currently generating about -0.03 per unit of risk. If you would invest 2,548 in Greenspring Fund Retail on August 31, 2024 and sell it today you would earn a total of 307.00 from holding Greenspring Fund Retail or generate 12.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Greenspring Fund Retail vs. Angel Oak Multi Strategy
Performance |
| Timeline |
| Greenspring Fund Retail |
| Angel Oak Multi |
Greenspring Fund and Angel Oak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Greenspring Fund and Angel Oak
The main advantage of trading using opposite Greenspring Fund and Angel Oak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Greenspring Fund 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.| Greenspring Fund vs. Berwyn Income Fund | Greenspring Fund vs. Fpa Crescent Fund | Greenspring Fund vs. James Balanced Golden | Greenspring Fund vs. Permanent Portfolio Class |
| Angel Oak vs. Pnc Emerging Markets | Angel Oak vs. Dws Emerging Markets | Angel Oak vs. Ep Emerging Markets | Angel Oak vs. Origin Emerging Markets |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| CEOs Directory Screen CEOs from public companies around the world |