Correlation Between Hanlon Tactical and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both Hanlon Tactical and Cohen Steers 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 Hanlon Tactical and Cohen Steers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hanlon Tactical Dividend and Cohen Steers Low, you can compare the effects of market volatilities on Hanlon Tactical and Cohen Steers 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 Hanlon Tactical with a short position of Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hanlon Tactical and Cohen Steers.
Diversification Opportunities for Hanlon Tactical and Cohen Steers
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hanlon and Cohen is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Hanlon Tactical Dividend and Cohen Steers Low in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Low and Hanlon Tactical 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 Hanlon Tactical Dividend are associated (or correlated) with Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Low has no effect on the direction of Hanlon Tactical i.e., Hanlon Tactical and Cohen Steers go up and down completely randomly.
Pair Corralation between Hanlon Tactical and Cohen Steers
Assuming the 90 days horizon Hanlon Tactical Dividend is expected to generate 7.63 times more return on investment than Cohen Steers. However, Hanlon Tactical is 7.63 times more volatile than Cohen Steers Low. It trades about 0.04 of its potential returns per unit of risk. Cohen Steers Low is currently generating about 0.16 per unit of risk. If you would invest 1,351 in Hanlon Tactical Dividend on October 22, 2024 and sell it today you would earn a total of 8.00 from holding Hanlon Tactical Dividend or generate 0.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hanlon Tactical Dividend vs. Cohen Steers Low
Performance |
| Timeline |
| Hanlon Tactical Dividend |
| Cohen Steers Low |
Hanlon Tactical and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hanlon Tactical and Cohen Steers
The main advantage of trading using opposite Hanlon Tactical and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hanlon Tactical position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' long position.| Hanlon Tactical vs. Alliancebernstein Global Highome | Hanlon Tactical vs. Rbc Bluebay Global | Hanlon Tactical vs. Dreyfusstandish Global Fixed | Hanlon Tactical vs. Legg Mason Global |
| Cohen Steers vs. T Rowe Price | Cohen Steers vs. Alternative Asset Allocation | Cohen Steers vs. L Abbett Fundamental | Cohen Steers vs. Tax Managed Mid Small |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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