Correlation Between Live Oak and Allianzgi Technology
Can any of the company-specific risk be diversified away by investing in both Live Oak and Allianzgi Technology 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 Live Oak and Allianzgi Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Live Oak Health and Allianzgi Technology Fund, you can compare the effects of market volatilities on Live Oak and Allianzgi Technology 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 Live Oak with a short position of Allianzgi Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Live Oak and Allianzgi Technology.
Diversification Opportunities for Live Oak and Allianzgi Technology
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Live and Allianzgi is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Live Oak Health and Allianzgi Technology Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allianzgi Technology and Live Oak 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 Live Oak Health are associated (or correlated) with Allianzgi Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allianzgi Technology has no effect on the direction of Live Oak i.e., Live Oak and Allianzgi Technology go up and down completely randomly.
Pair Corralation between Live Oak and Allianzgi Technology
Assuming the 90 days horizon Live Oak Health is expected to under-perform the Allianzgi Technology. But the mutual fund apears to be less risky and, when comparing its historical volatility, Live Oak Health is 1.72 times less risky than Allianzgi Technology. The mutual fund trades about -0.07 of its potential returns per unit of risk. The Allianzgi Technology Fund is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 5,927 in Allianzgi Technology Fund on October 24, 2024 and sell it today you would earn a total of 586.00 from holding Allianzgi Technology Fund or generate 9.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Live Oak Health vs. Allianzgi Technology Fund
Performance |
| Timeline |
| Live Oak Health |
| Allianzgi Technology |
Live Oak and Allianzgi Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Live Oak and Allianzgi Technology
The main advantage of trading using opposite Live Oak and Allianzgi Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Live Oak position performs unexpectedly, Allianzgi Technology 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 Allianzgi Technology will offset losses from the drop in Allianzgi Technology's long position.| Live Oak vs. Black Oak Emerging | Live Oak vs. Pin Oak Equity | Live Oak vs. Red Oak Technology | Live Oak vs. White Oak Select |
| Allianzgi Technology vs. The Gabelli Healthcare | Allianzgi Technology vs. Live Oak Health | Allianzgi Technology vs. Hartford Healthcare Hls | Allianzgi Technology vs. Lord Abbett Health |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |