Correlation Between Voya Russia and Barrow Hanley
Can any of the company-specific risk be diversified away by investing in both Voya Russia and Barrow Hanley 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 Voya Russia and Barrow Hanley into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Voya Russia Fund and Barrow Hanley Floating, you can compare the effects of market volatilities on Voya Russia and Barrow Hanley 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 Voya Russia with a short position of Barrow Hanley. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Russia and Barrow Hanley.
Diversification Opportunities for Voya Russia and Barrow Hanley
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Voya and Barrow is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Voya Russia Fund and Barrow Hanley Floating in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Barrow Hanley Floating and Voya Russia 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 Voya Russia Fund are associated (or correlated) with Barrow Hanley. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barrow Hanley Floating has no effect on the direction of Voya Russia i.e., Voya Russia and Barrow Hanley go up and down completely randomly.
Pair Corralation between Voya Russia and Barrow Hanley
If you would invest 68.00 in Voya Russia Fund on September 12, 2024 and sell it today you would earn a total of 0.00 from holding Voya Russia Fund or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Voya Russia Fund vs. Barrow Hanley Floating
Performance |
| Timeline |
| Voya Russia Fund |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Barrow Hanley Floating |
Voya Russia and Barrow Hanley Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voya Russia and Barrow Hanley
The main advantage of trading using opposite Voya Russia and Barrow Hanley positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya Russia position performs unexpectedly, Barrow Hanley 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 Barrow Hanley will offset losses from the drop in Barrow Hanley's long position.| Voya Russia vs. Ep Emerging Markets | Voya Russia vs. Barings Emerging Markets | Voya Russia vs. Ab All Market | Voya Russia vs. Extended Market Index |
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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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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