Correlation Between Scharf Fund and New York
Can any of the company-specific risk be diversified away by investing in both Scharf Fund and New York 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 Scharf Fund and New York into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Scharf Fund Retail and New York Bond, you can compare the effects of market volatilities on Scharf Fund and New York 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 Scharf Fund with a short position of New York. Check out your portfolio center. Please also check ongoing floating volatility patterns of Scharf Fund and New York.
Diversification Opportunities for Scharf Fund and New York
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Scharf and New is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Scharf Fund Retail and New York Bond in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on New York Bond and Scharf Fund 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 Scharf Fund Retail are associated (or correlated) with New York. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of New York Bond has no effect on the direction of Scharf Fund i.e., Scharf Fund and New York go up and down completely randomly.
Pair Corralation between Scharf Fund and New York
If you would invest 5,453 in Scharf Fund Retail on September 3, 2024 and sell it today you would earn a total of 310.00 from holding Scharf Fund Retail or generate 5.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
Scharf Fund Retail vs. New York Bond
Performance |
| Timeline |
| Scharf Fund Retail |
| New York Bond |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Insignificant
Scharf Fund and New York Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Scharf Fund and New York
The main advantage of trading using opposite Scharf Fund and New York positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Scharf Fund position performs unexpectedly, New York 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 New York will offset losses from the drop in New York's long position.| Scharf Fund vs. Angel Oak Financial | Scharf Fund vs. Icon Financial Fund | Scharf Fund vs. Mesirow Financial Small | Scharf Fund vs. Gabelli Global Financial |
| New York vs. Fidelity Advisor Energy | New York vs. Oil Gas Ultrasector | New York vs. Clearbridge Energy Mlp | New York vs. Icon Natural Resources |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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