Correlation Between Allianzgi Convertible and Oberweis Funds
Can any of the company-specific risk be diversified away by investing in both Allianzgi Convertible and Oberweis Funds 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 Allianzgi Convertible and Oberweis Funds into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Allianzgi Convertible Income and Oberweis Funds , you can compare the effects of market volatilities on Allianzgi Convertible and Oberweis Funds 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 Allianzgi Convertible with a short position of Oberweis Funds. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allianzgi Convertible and Oberweis Funds.
Diversification Opportunities for Allianzgi Convertible and Oberweis Funds
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Allianzgi and Oberweis is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Convertible Income and Oberweis Funds in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oberweis Funds and Allianzgi Convertible 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 Allianzgi Convertible Income are associated (or correlated) with Oberweis Funds. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oberweis Funds has no effect on the direction of Allianzgi Convertible i.e., Allianzgi Convertible and Oberweis Funds go up and down completely randomly.
Pair Corralation between Allianzgi Convertible and Oberweis Funds
Assuming the 90 days horizon Allianzgi Convertible Income is expected to generate 0.7 times more return on investment than Oberweis Funds. However, Allianzgi Convertible Income is 1.43 times less risky than Oberweis Funds. It trades about 0.19 of its potential returns per unit of risk. Oberweis Funds is currently generating about 0.01 per unit of risk. If you would invest 348.00 in Allianzgi Convertible Income on September 1, 2024 and sell it today you would earn a total of 58.00 from holding Allianzgi Convertible Income or generate 16.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.21% |
| Values | Daily Returns |
Allianzgi Convertible Income vs. Oberweis Funds
Performance |
| Timeline |
| Allianzgi Convertible |
| Oberweis Funds |
Allianzgi Convertible and Oberweis Funds Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allianzgi Convertible and Oberweis Funds
The main advantage of trading using opposite Allianzgi Convertible and Oberweis Funds positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allianzgi Convertible position performs unexpectedly, Oberweis Funds 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 Oberweis Funds will offset losses from the drop in Oberweis Funds' long position.| Allianzgi Convertible vs. Cutler Equity | Allianzgi Convertible vs. Calamos Global Equity | Allianzgi Convertible vs. Us Strategic Equity | Allianzgi Convertible vs. Scharf Fund Retail |
| Oberweis Funds vs. Oberweis China Opportunities | Oberweis Funds vs. Oberweis Emerging Growth | Oberweis Funds vs. Oberweis Emerging Growth | Oberweis Funds vs. Oberweis International Opportunities |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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