Correlation Between Voya High and Fisher Small
Can any of the company-specific risk be diversified away by investing in both Voya High and Fisher Small 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 High and Fisher Small into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Voya High Yield and Fisher Small Cap, you can compare the effects of market volatilities on Voya High and Fisher Small 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 High with a short position of Fisher Small. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya High and Fisher Small.
Diversification Opportunities for Voya High and Fisher Small
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Voya and Fisher is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Voya High Yield and Fisher Small Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fisher Small Cap and Voya High 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 High Yield are associated (or correlated) with Fisher Small. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fisher Small Cap has no effect on the direction of Voya High i.e., Voya High and Fisher Small go up and down completely randomly.
Pair Corralation between Voya High and Fisher Small
If you would invest 1,218 in Fisher Small Cap on September 2, 2024 and sell it today you would earn a total of 135.00 from holding Fisher Small Cap or generate 11.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Voya High Yield vs. Fisher Small Cap
Performance |
| Timeline |
| Voya High Yield |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Fisher Small Cap |
Voya High and Fisher Small Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voya High and Fisher Small
The main advantage of trading using opposite Voya High and Fisher Small positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya High position performs unexpectedly, Fisher Small 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 Fisher Small will offset losses from the drop in Fisher Small's long position.| Voya High vs. Kinetics Small Cap | Voya High vs. Fisher Small Cap | Voya High vs. Small Pany Growth | Voya High vs. Touchstone Small Cap |
| Fisher Small vs. Fisher Large Cap | Fisher Small vs. Fisher All Foreign | Fisher Small vs. Tactical Multi Purpose Fund | Fisher Small vs. Fisher Stock |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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