Correlation Between PennantPark Floating and ASTRAZENECA
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By analyzing existing cross correlation between PennantPark Floating Rate and ASTRAZENECA PLC 4, you can compare the effects of market volatilities on PennantPark Floating and ASTRAZENECA 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 PennantPark Floating with a short position of ASTRAZENECA. Check out your portfolio center. Please also check ongoing floating volatility patterns of PennantPark Floating and ASTRAZENECA.
Diversification Opportunities for PennantPark Floating and ASTRAZENECA
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between PennantPark and ASTRAZENECA is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding PennantPark Floating Rate and ASTRAZENECA PLC 4 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ASTRAZENECA PLC 4 and PennantPark Floating 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 PennantPark Floating Rate are associated (or correlated) with ASTRAZENECA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ASTRAZENECA PLC 4 has no effect on the direction of PennantPark Floating i.e., PennantPark Floating and ASTRAZENECA go up and down completely randomly.
Pair Corralation between PennantPark Floating and ASTRAZENECA
Given the investment horizon of 90 days PennantPark Floating Rate is expected to generate 1.73 times more return on investment than ASTRAZENECA. However, PennantPark Floating is 1.73 times more volatile than ASTRAZENECA PLC 4. It trades about 0.03 of its potential returns per unit of risk. ASTRAZENECA PLC 4 is currently generating about -0.1 per unit of risk. If you would invest 1,103 in PennantPark Floating Rate on September 3, 2024 and sell it today you would earn a total of 13.00 from holding PennantPark Floating Rate or generate 1.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 96.88% |
| Values | Daily Returns |
PennantPark Floating Rate vs. ASTRAZENECA PLC 4
Performance |
| Timeline |
| PennantPark Floating Rate |
| ASTRAZENECA PLC 4 |
PennantPark Floating and ASTRAZENECA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PennantPark Floating and ASTRAZENECA
The main advantage of trading using opposite PennantPark Floating and ASTRAZENECA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PennantPark Floating position performs unexpectedly, ASTRAZENECA 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 ASTRAZENECA will offset losses from the drop in ASTRAZENECA's long position.| PennantPark Floating vs. Federated Premier Municipal | PennantPark Floating vs. Blackrock Muniyield | PennantPark Floating vs. Diamond Hill Investment | PennantPark Floating vs. Federated Investors B |
| ASTRAZENECA vs. Inflection Point Acquisition | ASTRAZENECA vs. PennantPark Floating Rate | ASTRAZENECA vs. Sabre Corpo | ASTRAZENECA vs. Sonida Senior Living |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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