Correlation Between Pioneer Floating and Apollo Senior
Can any of the company-specific risk be diversified away by investing in both Pioneer Floating and Apollo Senior 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 Pioneer Floating and Apollo Senior into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pioneer Floating Rate and Apollo Senior Floating, you can compare the effects of market volatilities on Pioneer Floating and Apollo Senior 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 Pioneer Floating with a short position of Apollo Senior. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pioneer Floating and Apollo Senior.
Diversification Opportunities for Pioneer Floating and Apollo Senior
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Pioneer and Apollo is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Pioneer Floating Rate and Apollo Senior Floating in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apollo Senior Floating and Pioneer 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 Pioneer Floating Rate are associated (or correlated) with Apollo Senior. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apollo Senior Floating has no effect on the direction of Pioneer Floating i.e., Pioneer Floating and Apollo Senior go up and down completely randomly.
Pair Corralation between Pioneer Floating and Apollo Senior
If you would invest 966.00 in Pioneer Floating Rate on November 3, 2024 and sell it today you would earn a total of 4.00 from holding Pioneer Floating Rate or generate 0.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Pioneer Floating Rate vs. Apollo Senior Floating
Performance |
| Timeline |
| Pioneer Floating Rate |
| Apollo Senior Floating |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Pioneer Floating and Apollo Senior Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pioneer Floating and Apollo Senior
The main advantage of trading using opposite Pioneer Floating and Apollo Senior positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pioneer Floating position performs unexpectedly, Apollo Senior 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 Apollo Senior will offset losses from the drop in Apollo Senior's long position.| Pioneer Floating vs. Blackrock Floating Rate | Pioneer Floating vs. Eaton Vance Senior | Pioneer Floating vs. Eaton Vance Senior | Pioneer Floating vs. Blackrock Debt Strategies |
| Apollo Senior vs. Blackstone Gso Strategic | Apollo Senior vs. First Trust Senior | Apollo Senior vs. BlackRock Floating Rate | Apollo Senior vs. Eaton Vance Senior |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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