Correlation Between Congress Mid and Segall Bryant
Can any of the company-specific risk be diversified away by investing in both Congress Mid and Segall Bryant 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 Congress Mid and Segall Bryant into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Congress Mid Cap and Segall Bryant Hamill, you can compare the effects of market volatilities on Congress Mid and Segall Bryant 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 Congress Mid with a short position of Segall Bryant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Congress Mid and Segall Bryant.
Diversification Opportunities for Congress Mid and Segall Bryant
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Congress and Segall is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Congress Mid Cap and Segall Bryant Hamill in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Segall Bryant Hamill and Congress Mid 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 Congress Mid Cap are associated (or correlated) with Segall Bryant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Segall Bryant Hamill has no effect on the direction of Congress Mid i.e., Congress Mid and Segall Bryant go up and down completely randomly.
Pair Corralation between Congress Mid and Segall Bryant
Assuming the 90 days horizon Congress Mid Cap is expected to under-perform the Segall Bryant. But the mutual fund apears to be less risky and, when comparing its historical volatility, Congress Mid Cap is 1.01 times less risky than Segall Bryant. The mutual fund trades about -0.05 of its potential returns per unit of risk. The Segall Bryant Hamill is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 2,154 in Segall Bryant Hamill on November 28, 2024 and sell it today you would lose (217.00) from holding Segall Bryant Hamill or give up 10.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Congress Mid Cap vs. Segall Bryant Hamill
Performance |
| Timeline |
| Congress Mid Cap |
| Segall Bryant Hamill |
Congress Mid and Segall Bryant Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Congress Mid and Segall Bryant
The main advantage of trading using opposite Congress Mid and Segall Bryant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Congress Mid position performs unexpectedly, Segall Bryant 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 Segall Bryant will offset losses from the drop in Segall Bryant's long position.| Congress Mid vs. Polen Growth Fund | Congress Mid vs. Segall Bryant Hamill | Congress Mid vs. Diamond Hill All | Congress Mid vs. Wells Fargo Index |
| Segall Bryant vs. Sprott Gold Equity | Segall Bryant vs. World Precious Minerals | Segall Bryant vs. Franklin Gold Precious | Segall Bryant vs. Invesco Gold Special |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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