Correlation Between Intel and Nuveen Select
Can any of the company-specific risk be diversified away by investing in both Intel and Nuveen Select 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 Intel and Nuveen Select into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intel and Nuveen Select Tax Free, you can compare the effects of market volatilities on Intel and Nuveen Select 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 Intel with a short position of Nuveen Select. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and Nuveen Select.
Diversification Opportunities for Intel and Nuveen Select
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Intel and Nuveen is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Intel and Nuveen Select Tax Free in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Select Tax and Intel 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 Intel are associated (or correlated) with Nuveen Select. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Select Tax has no effect on the direction of Intel i.e., Intel and Nuveen Select go up and down completely randomly.
Pair Corralation between Intel and Nuveen Select
Given the investment horizon of 90 days Intel is expected to generate 5.32 times more return on investment than Nuveen Select. However, Intel is 5.32 times more volatile than Nuveen Select Tax Free. It trades about 0.13 of its potential returns per unit of risk. Nuveen Select Tax Free is currently generating about -0.07 per unit of risk. If you would invest 2,292 in Intel on August 28, 2024 and sell it today you would earn a total of 195.00 from holding Intel or generate 8.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intel vs. Nuveen Select Tax Free
Performance |
| Timeline |
| Intel |
| Nuveen Select Tax |
Intel and Nuveen Select Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and Nuveen Select
The main advantage of trading using opposite Intel and Nuveen Select positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, Nuveen Select 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 Nuveen Select will offset losses from the drop in Nuveen Select's long position.| Intel vs. NVIDIA | Intel vs. Taiwan Semiconductor Manufacturing | Intel vs. Marvell Technology Group | Intel vs. Micron Technology |
| Nuveen Select vs. PowerUp Acquisition Corp | Nuveen Select vs. Aurora Innovation | Nuveen Select vs. HUMANA INC | Nuveen Select vs. Aquagold International |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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