Correlation Between Voya Russia and Cambiar International
Can any of the company-specific risk be diversified away by investing in both Voya Russia and Cambiar International 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 Cambiar International 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 Cambiar International Equity, you can compare the effects of market volatilities on Voya Russia and Cambiar International 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 Cambiar International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Russia and Cambiar International.
Diversification Opportunities for Voya Russia and Cambiar International
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Voya and Cambiar is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Voya Russia Fund and Cambiar International Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cambiar International 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 Cambiar International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cambiar International has no effect on the direction of Voya Russia i.e., Voya Russia and Cambiar International go up and down completely randomly.
Pair Corralation between Voya Russia and Cambiar International
If you would invest 2,645 in Cambiar International Equity on September 1, 2024 and sell it today you would earn a total of 1.00 from holding Cambiar International Equity or generate 0.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 0.79% |
| Values | Daily Returns |
Voya Russia Fund vs. Cambiar International Equity
Performance |
| Timeline |
| Voya Russia Fund |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cambiar International |
Voya Russia and Cambiar International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voya Russia and Cambiar International
The main advantage of trading using opposite Voya Russia and Cambiar International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya Russia position performs unexpectedly, Cambiar International 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 Cambiar International will offset losses from the drop in Cambiar International's long position.| Voya Russia vs. California High Yield Municipal | Voya Russia vs. Legg Mason Partners | Voya Russia vs. Morningstar Aggressive Growth | Voya Russia vs. Metropolitan West High |
| Cambiar International vs. Causeway Emerging Markets | Cambiar International vs. Cambiar Small Cap | Cambiar International vs. Pimco Short Term Fund | Cambiar International vs. Cambiar Opportunity Fund |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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