Correlation Between Guinness Atkinson and Voya Russia
Can any of the company-specific risk be diversified away by investing in both Guinness Atkinson and Voya Russia 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 Guinness Atkinson and Voya Russia into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Guinness Atkinson China and Voya Russia Fund, you can compare the effects of market volatilities on Guinness Atkinson and Voya Russia 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 Guinness Atkinson with a short position of Voya Russia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guinness Atkinson and Voya Russia.
Diversification Opportunities for Guinness Atkinson and Voya Russia
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Guinness and Voya is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Guinness Atkinson China and Voya Russia Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Russia Fund and Guinness Atkinson 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 Guinness Atkinson China are associated (or correlated) with Voya Russia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Russia Fund has no effect on the direction of Guinness Atkinson i.e., Guinness Atkinson and Voya Russia go up and down completely randomly.
Pair Corralation between Guinness Atkinson and Voya Russia
If you would invest 1,261 in Guinness Atkinson China on September 1, 2024 and sell it today you would earn a total of 35.00 from holding Guinness Atkinson China or generate 2.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 0.79% |
| Values | Daily Returns |
Guinness Atkinson China vs. Voya Russia Fund
Performance |
| Timeline |
| Guinness Atkinson China |
| Voya Russia Fund |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Guinness Atkinson and Voya Russia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guinness Atkinson and Voya Russia
The main advantage of trading using opposite Guinness Atkinson and Voya Russia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guinness Atkinson position performs unexpectedly, Voya Russia 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 Voya Russia will offset losses from the drop in Voya Russia's long position.| Guinness Atkinson vs. Guinness Atkinson Asia | Guinness Atkinson vs. Matthews China Fund | Guinness Atkinson vs. Columbia Greater China | Guinness Atkinson vs. Eaton Vance Greater |
| Voya Russia vs. California High Yield Municipal | Voya Russia vs. Legg Mason Partners | Voya Russia vs. Morningstar Aggressive Growth | Voya Russia vs. Metropolitan West High |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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