Correlation Between Nuveen Intermediate and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both Nuveen Intermediate and Cohen Steers 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 Nuveen Intermediate and Cohen Steers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nuveen Intermediate Duration and Cohen Steers Total, you can compare the effects of market volatilities on Nuveen Intermediate and Cohen Steers 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 Nuveen Intermediate with a short position of Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuveen Intermediate and Cohen Steers.
Diversification Opportunities for Nuveen Intermediate and Cohen Steers
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Nuveen and Cohen is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Intermediate Duration and Cohen Steers Total in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Total and Nuveen Intermediate 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 Nuveen Intermediate Duration are associated (or correlated) with Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Total has no effect on the direction of Nuveen Intermediate i.e., Nuveen Intermediate and Cohen Steers go up and down completely randomly.
Pair Corralation between Nuveen Intermediate and Cohen Steers
If you would invest 996.00 in Cohen Steers Total on September 1, 2024 and sell it today you would earn a total of 320.00 from holding Cohen Steers Total or generate 32.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 0.37% |
| Values | Daily Returns |
Nuveen Intermediate Duration vs. Cohen Steers Total
Performance |
| Timeline |
| Nuveen Intermediate |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cohen Steers Total |
Nuveen Intermediate and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuveen Intermediate and Cohen Steers
The main advantage of trading using opposite Nuveen Intermediate and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuveen Intermediate position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' long position.| Nuveen Intermediate vs. GCM Grosvenor | Nuveen Intermediate vs. Nuveen Municipalome | Nuveen Intermediate vs. Nuveen Arizona Quality | Nuveen Intermediate vs. Blackrock Muniholdings Ny |
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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