Correlation Between Intel and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both Intel 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 Intel and Cohen Steers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intel and Cohen Steers Total, you can compare the effects of market volatilities on Intel 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 Intel with a short position of Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and Cohen Steers.
Diversification Opportunities for Intel and Cohen Steers
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Intel and Cohen is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Intel and Cohen Steers Total in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Total 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 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 Total has no effect on the direction of Intel i.e., Intel and Cohen Steers go up and down completely randomly.
Pair Corralation between Intel and Cohen Steers
Given the investment horizon of 90 days Intel is expected to generate 2.99 times more return on investment than Cohen Steers. However, Intel is 2.99 times more volatile than Cohen Steers Total. It trades about 0.13 of its potential returns per unit of risk. Cohen Steers Total is currently generating about -0.02 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. Cohen Steers Total
Performance |
| Timeline |
| Intel |
| Cohen Steers Total |
Intel and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and Cohen Steers
The main advantage of trading using opposite Intel and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel 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.| Intel vs. NVIDIA | Intel vs. Taiwan Semiconductor Manufacturing | Intel vs. Marvell Technology Group | Intel vs. Micron Technology |
| Cohen Steers vs. Cohen And Steers | Cohen Steers vs. Reaves Utility If | Cohen Steers vs. Pimco Dynamic Income | Cohen Steers vs. Cohen Steers Reit |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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