Correlation Between Marygold Companies and Apollo Global
Can any of the company-specific risk be diversified away by investing in both Marygold Companies and Apollo Global 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 Marygold Companies and Apollo Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Marygold Companies and Apollo Global Management, you can compare the effects of market volatilities on Marygold Companies and Apollo Global 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 Marygold Companies with a short position of Apollo Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marygold Companies and Apollo Global.
Diversification Opportunities for Marygold Companies and Apollo Global
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Marygold and Apollo is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Marygold Companies and Apollo Global Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apollo Global Management and Marygold Companies 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 Marygold Companies are associated (or correlated) with Apollo Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apollo Global Management has no effect on the direction of Marygold Companies i.e., Marygold Companies and Apollo Global go up and down completely randomly.
Pair Corralation between Marygold Companies and Apollo Global
Given the investment horizon of 90 days Marygold Companies is expected to generate 1.1 times less return on investment than Apollo Global. In addition to that, Marygold Companies is 3.34 times more volatile than Apollo Global Management. It trades about 0.04 of its total potential returns per unit of risk. Apollo Global Management is currently generating about 0.15 per unit of volatility. If you would invest 11,547 in Apollo Global Management on September 3, 2024 and sell it today you would earn a total of 5,956 from holding Apollo Global Management or generate 51.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Marygold Companies vs. Apollo Global Management
Performance |
| Timeline |
| Marygold Companies |
| Apollo Global Management |
Marygold Companies and Apollo Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marygold Companies and Apollo Global
The main advantage of trading using opposite Marygold Companies and Apollo Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marygold Companies position performs unexpectedly, Apollo Global 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 Apollo Global will offset losses from the drop in Apollo Global's long position.| Marygold Companies vs. MFS Investment Grade | Marygold Companies vs. Invesco High Income | Marygold Companies vs. Eaton Vance National | Marygold Companies vs. Nuveen California Select |
| Apollo Global vs. Federated Premier Municipal | Apollo Global vs. Blackrock Muniyield | Apollo Global vs. Federated Investors B | Apollo Global vs. SEI Investments |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |