Correlation Between Voya Global and Glg Intl
Can any of the company-specific risk be diversified away by investing in both Voya Global and Glg Intl 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 Voya Global and Glg Intl into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Voya Global High and Glg Intl Small, you can compare the effects of market volatilities on Voya Global and Glg Intl 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 Voya Global with a short position of Glg Intl. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Global and Glg Intl.
Diversification Opportunities for Voya Global and Glg Intl
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Voya and Glg is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Voya Global High and Glg Intl Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Glg Intl Small and Voya Global 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 Voya Global High are associated (or correlated) with Glg Intl. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Glg Intl Small has no effect on the direction of Voya Global i.e., Voya Global and Glg Intl go up and down completely randomly.
Pair Corralation between Voya Global and Glg Intl
If you would invest 8,458 in Glg Intl Small on September 12, 2024 and sell it today you would earn a total of 319.00 from holding Glg Intl Small or generate 3.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 54.55% |
| Values | Daily Returns |
Voya Global High vs. Glg Intl Small
Performance |
| Timeline |
| Voya Global High |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Glg Intl Small |
Voya Global and Glg Intl Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voya Global and Glg Intl
The main advantage of trading using opposite Voya Global and Glg Intl positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya Global position performs unexpectedly, Glg Intl 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 Glg Intl will offset losses from the drop in Glg Intl's long position.| Voya Global vs. Glg Intl Small | Voya Global vs. Old Westbury Small | Voya Global vs. Df Dent Small | Voya Global vs. Ab Small Cap |
| Glg Intl vs. Western Asset High | Glg Intl vs. Ppm High Yield | Glg Intl vs. Artisan High Income | Glg Intl vs. Metropolitan West High |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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