Correlation Between Highland Surprise and PennantPark Floating
Can any of the company-specific risk be diversified away by investing in both Highland Surprise and PennantPark Floating 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 Highland Surprise and PennantPark Floating into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Highland Surprise Consolidated and PennantPark Floating Rate, you can compare the effects of market volatilities on Highland Surprise and PennantPark Floating 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 Highland Surprise with a short position of PennantPark Floating. Check out your portfolio center. Please also check ongoing floating volatility patterns of Highland Surprise and PennantPark Floating.
Diversification Opportunities for Highland Surprise and PennantPark Floating
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Highland and PennantPark is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Highland Surprise Consolidated and PennantPark Floating Rate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PennantPark Floating Rate and Highland Surprise 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 Highland Surprise Consolidated are associated (or correlated) with PennantPark Floating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PennantPark Floating Rate has no effect on the direction of Highland Surprise i.e., Highland Surprise and PennantPark Floating go up and down completely randomly.
Pair Corralation between Highland Surprise and PennantPark Floating
If you would invest 0.03 in Highland Surprise Consolidated on January 17, 2025 and sell it today you would earn a total of 0.00 from holding Highland Surprise Consolidated or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Highland Surprise Consolidated vs. PennantPark Floating Rate
Performance |
| Timeline |
| Highland Surprise |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| PennantPark Floating Rate |
Highland Surprise and PennantPark Floating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Highland Surprise and PennantPark Floating
The main advantage of trading using opposite Highland Surprise and PennantPark Floating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Highland Surprise position performs unexpectedly, PennantPark Floating 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 PennantPark Floating will offset losses from the drop in PennantPark Floating's long position.| Highland Surprise vs. National CineMedia | Highland Surprise vs. Idaho Strategic Resources | Highland Surprise vs. Dolphin Entertainment | Highland Surprise vs. Deluxe |
| PennantPark Floating vs. Gladstone Investment | PennantPark Floating vs. Horizon Technology Finance | PennantPark Floating vs. Stellus Capital Investment | PennantPark Floating vs. Prospect Capital |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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