Correlation Between Loomis Sayles and COMMONSPIRIT
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By analyzing existing cross correlation between Loomis Sayles International and COMMONSPIRIT HEALTH, you can compare the effects of market volatilities on Loomis Sayles and COMMONSPIRIT 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 Loomis Sayles with a short position of COMMONSPIRIT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loomis Sayles and COMMONSPIRIT.
Diversification Opportunities for Loomis Sayles and COMMONSPIRIT
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Loomis and COMMONSPIRIT is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Loomis Sayles International and COMMONSPIRIT HEALTH in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COMMONSPIRIT HEALTH and Loomis Sayles 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 Loomis Sayles International are associated (or correlated) with COMMONSPIRIT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COMMONSPIRIT HEALTH has no effect on the direction of Loomis Sayles i.e., Loomis Sayles and COMMONSPIRIT go up and down completely randomly.
Pair Corralation between Loomis Sayles and COMMONSPIRIT
Assuming the 90 days horizon Loomis Sayles International is expected to generate 0.39 times more return on investment than COMMONSPIRIT. However, Loomis Sayles International is 2.59 times less risky than COMMONSPIRIT. It trades about 0.06 of its potential returns per unit of risk. COMMONSPIRIT HEALTH is currently generating about -0.06 per unit of risk. If you would invest 1,086 in Loomis Sayles International on August 31, 2024 and sell it today you would earn a total of 11.00 from holding Loomis Sayles International or generate 1.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
Loomis Sayles International vs. COMMONSPIRIT HEALTH
Performance |
| Timeline |
| Loomis Sayles Intern |
| COMMONSPIRIT HEALTH |
Loomis Sayles and COMMONSPIRIT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loomis Sayles and COMMONSPIRIT
The main advantage of trading using opposite Loomis Sayles and COMMONSPIRIT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loomis Sayles position performs unexpectedly, COMMONSPIRIT 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 COMMONSPIRIT will offset losses from the drop in COMMONSPIRIT's long position.| Loomis Sayles vs. Qs Large Cap | Loomis Sayles vs. Americafirst Large Cap | Loomis Sayles vs. Virtus Nfj Large Cap | Loomis Sayles vs. John Hancock Investment |
| COMMONSPIRIT vs. Reservoir Media | COMMONSPIRIT vs. Harmony Gold Mining | COMMONSPIRIT vs. NioCorp Developments Ltd | COMMONSPIRIT vs. Radcom |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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