Correlation Between Pgim Jennison and Short Duration
Can any of the company-specific risk be diversified away by investing in both Pgim Jennison and Short Duration 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 Pgim Jennison and Short Duration into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pgim Jennison Technology and Short Duration Plus, you can compare the effects of market volatilities on Pgim Jennison and Short Duration 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 Pgim Jennison with a short position of Short Duration. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pgim Jennison and Short Duration.
Diversification Opportunities for Pgim Jennison and Short Duration
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Pgim and Short is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Pgim Jennison Technology and Short Duration Plus in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Short Duration Plus and Pgim Jennison 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 Pgim Jennison Technology are associated (or correlated) with Short Duration. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Short Duration Plus has no effect on the direction of Pgim Jennison i.e., Pgim Jennison and Short Duration go up and down completely randomly.
Pair Corralation between Pgim Jennison and Short Duration
If you would invest 2,492 in Pgim Jennison Technology on September 5, 2024 and sell it today you would earn a total of 258.00 from holding Pgim Jennison Technology or generate 10.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Pgim Jennison Technology vs. Short Duration Plus
Performance |
| Timeline |
| Pgim Jennison Technology |
| Short Duration Plus |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Pgim Jennison and Short Duration Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pgim Jennison and Short Duration
The main advantage of trading using opposite Pgim Jennison and Short Duration positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pgim Jennison position performs unexpectedly, Short Duration 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 Short Duration will offset losses from the drop in Short Duration's long position.| Pgim Jennison vs. James Balanced Golden | Pgim Jennison vs. Gamco Global Gold | Pgim Jennison vs. Europac Gold Fund | Pgim Jennison vs. Short Precious Metals |
| Short Duration vs. Biotechnology Ultrasector Profund | Short Duration vs. Columbia Global Technology | Short Duration vs. Allianzgi Technology Fund | Short Duration vs. Pgim Jennison Technology |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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