Correlation Between 001192AH6 and PennantPark Floating
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By analyzing existing cross correlation between AGL CAP P and PennantPark Floating Rate, you can compare the effects of market volatilities on 001192AH6 and PennantPark Floating 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 001192AH6 with a short position of PennantPark Floating. Check out your portfolio center. Please also check ongoing floating volatility patterns of 001192AH6 and PennantPark Floating.
Diversification Opportunities for 001192AH6 and PennantPark Floating
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between 001192AH6 and PennantPark is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding AGL CAP P and PennantPark Floating Rate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PennantPark Floating Rate and 001192AH6 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 AGL CAP P are associated (or correlated) with PennantPark Floating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PennantPark Floating Rate has no effect on the direction of 001192AH6 i.e., 001192AH6 and PennantPark Floating go up and down completely randomly.
Pair Corralation between 001192AH6 and PennantPark Floating
Assuming the 90 days trading horizon AGL CAP P is expected to under-perform the PennantPark Floating. In addition to that, 001192AH6 is 2.24 times more volatile than PennantPark Floating Rate. It trades about -0.25 of its total potential returns per unit of risk. PennantPark Floating Rate is currently generating about 0.2 per unit of volatility. If you would invest 1,090 in PennantPark Floating Rate on September 3, 2024 and sell it today you would earn a total of 26.00 from holding PennantPark Floating Rate or generate 2.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 55.0% |
| Values | Daily Returns |
AGL CAP P vs. PennantPark Floating Rate
Performance |
| Timeline |
| AGL CAP P |
| PennantPark Floating Rate |
001192AH6 and PennantPark Floating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 001192AH6 and PennantPark Floating
The main advantage of trading using opposite 001192AH6 and PennantPark Floating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 001192AH6 position performs unexpectedly, PennantPark Floating 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 PennantPark Floating will offset losses from the drop in PennantPark Floating's long position.| 001192AH6 vs. The Gap, | 001192AH6 vs. Shoe Carnival | 001192AH6 vs. Ispire Technology Common | 001192AH6 vs. Molson Coors Brewing |
| PennantPark Floating vs. Federated Premier Municipal | PennantPark Floating vs. Blackrock Muniyield | PennantPark Floating vs. Federated Investors B | PennantPark Floating vs. SEI Investments |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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