Correlation Between Voya Russia and Guinness Atkinson
Can any of the company-specific risk be diversified away by investing in both Voya Russia and Guinness Atkinson 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 Guinness Atkinson 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 Guinness Atkinson China, you can compare the effects of market volatilities on Voya Russia and Guinness Atkinson 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 Guinness Atkinson. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Russia and Guinness Atkinson.
Diversification Opportunities for Voya Russia and Guinness Atkinson
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Voya and Guinness is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Voya Russia Fund and Guinness Atkinson China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guinness Atkinson China 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 Guinness Atkinson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guinness Atkinson China has no effect on the direction of Voya Russia i.e., Voya Russia and Guinness Atkinson go up and down completely randomly.
Pair Corralation between Voya Russia and Guinness Atkinson
If you would invest 1,261 in Guinness Atkinson China on September 1, 2024 and sell it today you would earn a total of 35.00 from holding Guinness Atkinson China or generate 2.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 0.79% |
| Values | Daily Returns |
Voya Russia Fund vs. Guinness Atkinson China
Performance |
| Timeline |
| Voya Russia Fund |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Guinness Atkinson China |
Voya Russia and Guinness Atkinson Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voya Russia and Guinness Atkinson
The main advantage of trading using opposite Voya Russia and Guinness Atkinson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya Russia position performs unexpectedly, Guinness Atkinson 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 Guinness Atkinson will offset losses from the drop in Guinness Atkinson'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 |
| Guinness Atkinson vs. Guinness Atkinson Asia | Guinness Atkinson vs. Matthews China Fund | Guinness Atkinson vs. Columbia Greater China | Guinness Atkinson vs. Eaton Vance Greater |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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