Correlation Between Allianzgi Convertible and Segall Bryant
Can any of the company-specific risk be diversified away by investing in both Allianzgi Convertible and Segall Bryant 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 Segall Bryant 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 Segall Bryant Hamill, you can compare the effects of market volatilities on Allianzgi Convertible and Segall Bryant 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 Segall Bryant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allianzgi Convertible and Segall Bryant.
Diversification Opportunities for Allianzgi Convertible and Segall Bryant
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Allianzgi and Segall is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Convertible Income and Segall Bryant Hamill in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Segall Bryant Hamill 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 Segall Bryant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Segall Bryant Hamill has no effect on the direction of Allianzgi Convertible i.e., Allianzgi Convertible and Segall Bryant go up and down completely randomly.
Pair Corralation between Allianzgi Convertible and Segall Bryant
Assuming the 90 days horizon Allianzgi Convertible Income is expected to generate 0.74 times more return on investment than Segall Bryant. However, Allianzgi Convertible Income is 1.36 times less risky than Segall Bryant. It trades about 0.67 of its potential returns per unit of risk. Segall Bryant Hamill is currently generating about -0.04 per unit of risk. If you would invest 375.00 in Allianzgi Convertible Income on September 4, 2024 and sell it today you would earn a total of 33.00 from holding Allianzgi Convertible Income or generate 8.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Allianzgi Convertible Income vs. Segall Bryant Hamill
Performance |
| Timeline |
| Allianzgi Convertible |
| Segall Bryant Hamill |
Allianzgi Convertible and Segall Bryant Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allianzgi Convertible and Segall Bryant
The main advantage of trading using opposite Allianzgi Convertible and Segall Bryant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allianzgi Convertible position performs unexpectedly, Segall Bryant 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 Segall Bryant will offset losses from the drop in Segall Bryant's long position.| Allianzgi Convertible vs. Vanguard Total Stock | Allianzgi Convertible vs. Vanguard 500 Index | Allianzgi Convertible vs. Vanguard Total Stock | Allianzgi Convertible vs. Vanguard Total Stock |
| Segall Bryant vs. Barings Emerging Markets | Segall Bryant vs. Artisan Emerging Markets | Segall Bryant vs. Ep Emerging Markets | Segall Bryant vs. Jpmorgan Emerging Markets |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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