Correlation Between Western Asset and 001192AH6
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By analyzing existing cross correlation between Western Asset Investment and AGL CAP P, you can compare the effects of market volatilities on Western Asset and 001192AH6 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 Western Asset with a short position of 001192AH6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Western Asset and 001192AH6.
Diversification Opportunities for Western Asset and 001192AH6
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Western and 001192AH6 is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Western Asset Investment and AGL CAP P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AGL CAP P and Western Asset 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 Western Asset Investment are associated (or correlated) with 001192AH6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AGL CAP P has no effect on the direction of Western Asset i.e., Western Asset and 001192AH6 go up and down completely randomly.
Pair Corralation between Western Asset and 001192AH6
Considering the 90-day investment horizon Western Asset Investment is expected to generate 0.43 times more return on investment than 001192AH6. However, Western Asset Investment is 2.3 times less risky than 001192AH6. It trades about 0.04 of its potential returns per unit of risk. AGL CAP P is currently generating about 0.01 per unit of risk. If you would invest 1,598 in Western Asset Investment on September 4, 2024 and sell it today you would earn a total of 85.00 from holding Western Asset Investment or generate 5.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 55.87% |
| Values | Daily Returns |
Western Asset Investment vs. AGL CAP P
Performance |
| Timeline |
| Western Asset Investment |
| AGL CAP P |
Western Asset and 001192AH6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Western Asset and 001192AH6
The main advantage of trading using opposite Western Asset and 001192AH6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Western Asset position performs unexpectedly, 001192AH6 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 001192AH6 will offset losses from the drop in 001192AH6's long position.| Western Asset vs. Pioneer Floating Rate | Western Asset vs. The Gabelli Equity | Western Asset vs. Pioneer Municipal High | Western Asset vs. Nuveen Global High |
| 001192AH6 vs. Fidus Investment Corp | 001192AH6 vs. Artisan Partners Asset | 001192AH6 vs. American Airlines Group | 001192AH6 vs. Western Asset Investment |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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