Correlation Between Nuveen High and Eagle Point
Can any of the company-specific risk be diversified away by investing in both Nuveen High and Eagle Point 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 Nuveen High and Eagle Point into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nuveen High Income and Eagle Point Income, you can compare the effects of market volatilities on Nuveen High and Eagle Point 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 Nuveen High with a short position of Eagle Point. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuveen High and Eagle Point.
Diversification Opportunities for Nuveen High and Eagle Point
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nuveen and Eagle is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen High Income and Eagle Point Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eagle Point Income and Nuveen High 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 Nuveen High Income are associated (or correlated) with Eagle Point. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eagle Point Income has no effect on the direction of Nuveen High i.e., Nuveen High and Eagle Point go up and down completely randomly.
Pair Corralation between Nuveen High and Eagle Point
If you would invest 2,390 in Eagle Point Income on November 29, 2024 and sell it today you would earn a total of 23.00 from holding Eagle Point Income or generate 0.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Nuveen High Income vs. Eagle Point Income
Performance |
| Timeline |
| Nuveen High Income |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Eagle Point Income |
Nuveen High and Eagle Point Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuveen High and Eagle Point
The main advantage of trading using opposite Nuveen High and Eagle Point positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuveen High position performs unexpectedly, Eagle Point 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 Eagle Point will offset losses from the drop in Eagle Point's long position.| Nuveen High vs. MFS Investment Grade | Nuveen High vs. Eaton Vance National | Nuveen High vs. Nuveen California Select | Nuveen High vs. Federated Premier Municipal |
| Eagle Point vs. Eagle Point Credit | Eagle Point vs. Eagle Point Credit | Eagle Point vs. Oxford Lane Capital | Eagle Point vs. OFS Credit |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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