Correlation Between Cohen Steers and Allianzgi Equity
Can any of the company-specific risk be diversified away by investing in both Cohen Steers and Allianzgi Equity 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 Cohen Steers and Allianzgi Equity into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cohen Steers Total and Allianzgi Equity Convertible, you can compare the effects of market volatilities on Cohen Steers and Allianzgi Equity 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 Cohen Steers with a short position of Allianzgi Equity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cohen Steers and Allianzgi Equity.
Diversification Opportunities for Cohen Steers and Allianzgi Equity
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cohen and Allianzgi is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Cohen Steers Total and Allianzgi Equity Convertible in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allianzgi Equity Con and Cohen Steers 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 Cohen Steers Total are associated (or correlated) with Allianzgi Equity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allianzgi Equity Con has no effect on the direction of Cohen Steers i.e., Cohen Steers and Allianzgi Equity go up and down completely randomly.
Pair Corralation between Cohen Steers and Allianzgi Equity
Considering the 90-day investment horizon Cohen Steers is expected to generate 2.02 times less return on investment than Allianzgi Equity. In addition to that, Cohen Steers is 1.39 times more volatile than Allianzgi Equity Convertible. It trades about 0.1 of its total potential returns per unit of risk. Allianzgi Equity Convertible is currently generating about 0.27 per unit of volatility. If you would invest 2,320 in Allianzgi Equity Convertible on August 30, 2024 and sell it today you would earn a total of 112.00 from holding Allianzgi Equity Convertible or generate 4.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cohen Steers Total vs. Allianzgi Equity Convertible
Performance |
| Timeline |
| Cohen Steers Total |
| Allianzgi Equity Con |
Cohen Steers and Allianzgi Equity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cohen Steers and Allianzgi Equity
The main advantage of trading using opposite Cohen Steers and Allianzgi Equity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cohen Steers position performs unexpectedly, Allianzgi Equity 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 Allianzgi Equity will offset losses from the drop in Allianzgi Equity's long position.| Cohen Steers vs. Gabelli Global Small | Cohen Steers vs. MFS Investment Grade | Cohen Steers vs. Eaton Vance National | Cohen Steers vs. GAMCO Natural Resources |
| Allianzgi Equity vs. Gabelli Global Small | Allianzgi Equity vs. MFS Investment Grade | Allianzgi Equity vs. Eaton Vance National | Allianzgi Equity vs. GAMCO Natural Resources |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |