Correlation Between Manning Napier and Manning Napier
Can any of the company-specific risk be diversified away by investing in both Manning Napier and Manning Napier 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 Manning Napier and Manning Napier into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Manning Napier Equity and Manning Napier Callodine, you can compare the effects of market volatilities on Manning Napier and Manning Napier 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 Manning Napier with a short position of Manning Napier. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manning Napier and Manning Napier.
Diversification Opportunities for Manning Napier and Manning Napier
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Manning and Manning is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Manning Napier Equity and Manning Napier Callodine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manning Napier Callodine and Manning Napier 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 Manning Napier Equity are associated (or correlated) with Manning Napier. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manning Napier Callodine has no effect on the direction of Manning Napier i.e., Manning Napier and Manning Napier go up and down completely randomly.
Pair Corralation between Manning Napier and Manning Napier
Assuming the 90 days horizon Manning Napier is expected to generate 1.69 times less return on investment than Manning Napier. But when comparing it to its historical volatility, Manning Napier Equity is 1.31 times less risky than Manning Napier. It trades about 0.34 of its potential returns per unit of risk. Manning Napier Callodine is currently generating about 0.43 of returns per unit of risk over similar time horizon. If you would invest 1,433 in Manning Napier Callodine on September 2, 2024 and sell it today you would earn a total of 146.00 from holding Manning Napier Callodine or generate 10.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Manning Napier Equity vs. Manning Napier Callodine
Performance |
| Timeline |
| Manning Napier Equity |
| Manning Napier Callodine |
Manning Napier and Manning Napier Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manning Napier and Manning Napier
The main advantage of trading using opposite Manning Napier and Manning Napier positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manning Napier position performs unexpectedly, Manning Napier 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 Manning Napier will offset losses from the drop in Manning Napier's long position.| Manning Napier vs. Rbc Microcap Value | Manning Napier vs. Western Asset Municipal | Manning Napier vs. Bbh Partner Fund | Manning Napier vs. Arrow Managed Futures |
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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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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