Correlation Between Blackrock Munivest and FAM
Can any of the company-specific risk be diversified away by investing in both Blackrock Munivest and FAM 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 Blackrock Munivest and FAM into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Blackrock Munivest and FAM, you can compare the effects of market volatilities on Blackrock Munivest and FAM 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 Blackrock Munivest with a short position of FAM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blackrock Munivest and FAM.
Diversification Opportunities for Blackrock Munivest and FAM
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Blackrock and FAM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Blackrock Munivest and FAM in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FAM and Blackrock Munivest 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 Blackrock Munivest are associated (or correlated) with FAM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FAM has no effect on the direction of Blackrock Munivest i.e., Blackrock Munivest and FAM go up and down completely randomly.
Pair Corralation between Blackrock Munivest and FAM
If you would invest 1,064 in Blackrock Munivest on November 27, 2024 and sell it today you would earn a total of 19.00 from holding Blackrock Munivest or generate 1.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Blackrock Munivest vs. FAM
Performance |
| Timeline |
| Blackrock Munivest |
| FAM |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Blackrock Munivest and FAM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blackrock Munivest and FAM
The main advantage of trading using opposite Blackrock Munivest and FAM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blackrock Munivest position performs unexpectedly, FAM 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 FAM will offset losses from the drop in FAM's long position.| Blackrock Munivest vs. MFS Investment Grade | Blackrock Munivest vs. Eaton Vance National | Blackrock Munivest vs. Blackrock Muniholdings Closed | Blackrock Munivest vs. Blackrock Muniyield Quality |
| FAM vs. Blackstone Gso Long | FAM vs. Blackstone Gso Senior | FAM vs. Nuveen Floating Rate | FAM vs. Pioneer Floating Rate |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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