Correlation Between 743315AY9 and PennantPark Floating
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By analyzing existing cross correlation between PGR 25 15 MAR 27 and PennantPark Floating Rate, you can compare the effects of market volatilities on 743315AY9 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 743315AY9 with a short position of PennantPark Floating. Check out your portfolio center. Please also check ongoing floating volatility patterns of 743315AY9 and PennantPark Floating.
Diversification Opportunities for 743315AY9 and PennantPark Floating
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 743315AY9 and PennantPark is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding PGR 25 15 MAR 27 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 743315AY9 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 PGR 25 15 MAR 27 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 743315AY9 i.e., 743315AY9 and PennantPark Floating go up and down completely randomly.
Pair Corralation between 743315AY9 and PennantPark Floating
Assuming the 90 days trading horizon PGR 25 15 MAR 27 is expected to under-perform the PennantPark Floating. But the bond apears to be less risky and, when comparing its historical volatility, PGR 25 15 MAR 27 is 2.13 times less risky than PennantPark Floating. The bond trades about -0.14 of its potential returns per unit of risk. The PennantPark Floating Rate is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,080 in PennantPark Floating Rate on August 28, 2024 and sell it today you would earn a total of 22.00 from holding PennantPark Floating Rate or generate 2.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 92.06% |
| Values | Daily Returns |
PGR 25 15 MAR 27 vs. PennantPark Floating Rate
Performance |
| Timeline |
| PGR 25 15 |
| PennantPark Floating Rate |
743315AY9 and PennantPark Floating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 743315AY9 and PennantPark Floating
The main advantage of trading using opposite 743315AY9 and PennantPark Floating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 743315AY9 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.| 743315AY9 vs. PennantPark Floating Rate | 743315AY9 vs. Western Acquisition Ventures | 743315AY9 vs. Sabra Healthcare REIT | 743315AY9 vs. Hurco Companies |
| PennantPark Floating vs. Gladstone Investment | PennantPark Floating vs. Horizon Technology Finance | PennantPark Floating vs. Stellus Capital Investment | PennantPark Floating vs. Prospect Capital |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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