Correlation Between Segall Bryant and Aqr Managed
Can any of the company-specific risk be diversified away by investing in both Segall Bryant and Aqr Managed 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 Segall Bryant and Aqr Managed into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Segall Bryant Hamill and Aqr Managed Futures, you can compare the effects of market volatilities on Segall Bryant and Aqr Managed 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 Segall Bryant with a short position of Aqr Managed. Check out your portfolio center. Please also check ongoing floating volatility patterns of Segall Bryant and Aqr Managed.
Diversification Opportunities for Segall Bryant and Aqr Managed
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Segall and Aqr is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Segall Bryant Hamill and Aqr Managed Futures in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aqr Managed Futures and Segall Bryant 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 Segall Bryant Hamill are associated (or correlated) with Aqr Managed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aqr Managed Futures has no effect on the direction of Segall Bryant i.e., Segall Bryant and Aqr Managed go up and down completely randomly.
Pair Corralation between Segall Bryant and Aqr Managed
Assuming the 90 days horizon Segall Bryant Hamill is expected to generate 0.85 times more return on investment than Aqr Managed. However, Segall Bryant Hamill is 1.18 times less risky than Aqr Managed. It trades about 0.37 of its potential returns per unit of risk. Aqr Managed Futures is currently generating about 0.17 per unit of risk. If you would invest 2,296 in Segall Bryant Hamill on September 4, 2024 and sell it today you would earn a total of 130.00 from holding Segall Bryant Hamill or generate 5.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Segall Bryant Hamill vs. Aqr Managed Futures
Performance |
| Timeline |
| Segall Bryant Hamill |
| Aqr Managed Futures |
Segall Bryant and Aqr Managed Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Segall Bryant and Aqr Managed
The main advantage of trading using opposite Segall Bryant and Aqr Managed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Segall Bryant position performs unexpectedly, Aqr Managed 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 Aqr Managed will offset losses from the drop in Aqr Managed's long position.| Segall Bryant vs. Segall Bryant Hamill | Segall Bryant vs. Segall Bryant Hamill | Segall Bryant vs. Segall Bryant Hamill | Segall Bryant vs. Segall Bryant Hamill |
| Aqr Managed vs. T Rowe Price | Aqr Managed vs. Falcon Focus Scv | Aqr Managed vs. Iaadx | Aqr Managed vs. Leggmason Partners Institutional |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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