Correlation Between Nuveen Strategic and Angel Oak
Can any of the company-specific risk be diversified away by investing in both Nuveen Strategic and Angel Oak 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 Strategic and Angel Oak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nuveen Strategic Municipal and Angel Oak Flexible, you can compare the effects of market volatilities on Nuveen Strategic and Angel Oak 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 Strategic with a short position of Angel Oak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuveen Strategic and Angel Oak.
Diversification Opportunities for Nuveen Strategic and Angel Oak
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Nuveen and Angel is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Strategic Municipal and Angel Oak Flexible in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Angel Oak Flexible and Nuveen Strategic 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 Strategic Municipal are associated (or correlated) with Angel Oak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Angel Oak Flexible has no effect on the direction of Nuveen Strategic i.e., Nuveen Strategic and Angel Oak go up and down completely randomly.
Pair Corralation between Nuveen Strategic and Angel Oak
If you would invest 995.00 in Nuveen Strategic Municipal on November 3, 2024 and sell it today you would earn a total of 4.00 from holding Nuveen Strategic Municipal or generate 0.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Nuveen Strategic Municipal vs. Angel Oak Flexible
Performance |
| Timeline |
| Nuveen Strategic Mun |
| Angel Oak Flexible |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Nuveen Strategic and Angel Oak Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuveen Strategic and Angel Oak
The main advantage of trading using opposite Nuveen Strategic and Angel Oak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuveen Strategic position performs unexpectedly, Angel Oak 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 Angel Oak will offset losses from the drop in Angel Oak's long position.| Nuveen Strategic vs. Wilmington Diversified Income | Nuveen Strategic vs. Madison Diversified Income | Nuveen Strategic vs. Calvert Conservative Allocation | Nuveen Strategic vs. Global Diversified Income |
| Angel Oak vs. Chartwell Short Duration | Angel Oak vs. Massmutual Premier High | Angel Oak vs. One Choice Portfolio | Angel Oak vs. Barings High Yield |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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