Correlation Between Oklahoma Municipal and Segall Bryant
Can any of the company-specific risk be diversified away by investing in both Oklahoma Municipal and Segall Bryant 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 Oklahoma Municipal and Segall Bryant into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oklahoma Municipal Fund and Segall Bryant Hamill, you can compare the effects of market volatilities on Oklahoma Municipal and Segall Bryant 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 Oklahoma Municipal with a short position of Segall Bryant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oklahoma Municipal and Segall Bryant.
Diversification Opportunities for Oklahoma Municipal and Segall Bryant
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Oklahoma and Segall is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Oklahoma Municipal Fund and Segall Bryant Hamill in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Segall Bryant Hamill and Oklahoma Municipal 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 Oklahoma Municipal Fund are associated (or correlated) with Segall Bryant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Segall Bryant Hamill has no effect on the direction of Oklahoma Municipal i.e., Oklahoma Municipal and Segall Bryant go up and down completely randomly.
Pair Corralation between Oklahoma Municipal and Segall Bryant
Assuming the 90 days horizon Oklahoma Municipal is expected to generate 5.19 times less return on investment than Segall Bryant. But when comparing it to its historical volatility, Oklahoma Municipal Fund is 3.5 times less risky than Segall Bryant. It trades about 0.04 of its potential returns per unit of risk. Segall Bryant Hamill is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 911.00 in Segall Bryant Hamill on September 3, 2024 and sell it today you would earn a total of 252.00 from holding Segall Bryant Hamill or generate 27.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oklahoma Municipal Fund vs. Segall Bryant Hamill
Performance |
| Timeline |
| Oklahoma Municipal |
| Segall Bryant Hamill |
Oklahoma Municipal and Segall Bryant Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oklahoma Municipal and Segall Bryant
The main advantage of trading using opposite Oklahoma Municipal and Segall Bryant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oklahoma Municipal position performs unexpectedly, Segall Bryant 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 Segall Bryant will offset losses from the drop in Segall Bryant's long position.| Oklahoma Municipal vs. Limited Term Tax | Oklahoma Municipal vs. Calvert Short Duration | Oklahoma Municipal vs. Federated Short Term Income | Oklahoma Municipal vs. Jhancock Short Duration |
| Segall Bryant vs. Absolute Convertible Arbitrage | Segall Bryant vs. Allianzgi Convertible Income | Segall Bryant vs. Virtus Convertible | Segall Bryant vs. Rationalpier 88 Convertible |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |