Correlation Between Abrdn Bloomberg and GraniteShares Bloomberg
Can any of the company-specific risk be diversified away by investing in both Abrdn Bloomberg and GraniteShares Bloomberg 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 Abrdn Bloomberg and GraniteShares Bloomberg into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between abrdn Bloomberg All and GraniteShares Bloomberg Commodity, you can compare the effects of market volatilities on Abrdn Bloomberg and GraniteShares Bloomberg 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 Abrdn Bloomberg with a short position of GraniteShares Bloomberg. Check out your portfolio center. Please also check ongoing floating volatility patterns of Abrdn Bloomberg and GraniteShares Bloomberg.
Diversification Opportunities for Abrdn Bloomberg and GraniteShares Bloomberg
1.0 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Abrdn and GraniteShares is 1.0. Overlapping area represents the amount of risk that can be diversified away by holding abrdn Bloomberg All and GraniteShares Bloomberg Commod in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GraniteShares Bloomberg and Abrdn Bloomberg 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 abrdn Bloomberg All are associated (or correlated) with GraniteShares Bloomberg. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GraniteShares Bloomberg has no effect on the direction of Abrdn Bloomberg i.e., Abrdn Bloomberg and GraniteShares Bloomberg go up and down completely randomly.
Pair Corralation between Abrdn Bloomberg and GraniteShares Bloomberg
Considering the 90-day investment horizon abrdn Bloomberg All is expected to generate 1.0 times more return on investment than GraniteShares Bloomberg. However, abrdn Bloomberg All is 1.0 times less risky than GraniteShares Bloomberg. It trades about -0.06 of its potential returns per unit of risk. GraniteShares Bloomberg Commodity is currently generating about -0.1 per unit of risk. If you would invest 3,265 in abrdn Bloomberg All on February 6, 2024 and sell it today you would lose (23.00) from holding abrdn Bloomberg All or give up 0.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
abrdn Bloomberg All vs. GraniteShares Bloomberg Commod
Performance |
| Timeline |
| abrdn Bloomberg All |
| GraniteShares Bloomberg |
Abrdn Bloomberg and GraniteShares Bloomberg Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Abrdn Bloomberg and GraniteShares Bloomberg
The main advantage of trading using opposite Abrdn Bloomberg and GraniteShares Bloomberg positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Abrdn Bloomberg position performs unexpectedly, GraniteShares Bloomberg 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 GraniteShares Bloomberg will offset losses from the drop in GraniteShares Bloomberg's long position.| Abrdn Bloomberg vs. abrdn Bloomberg All | Abrdn Bloomberg vs. iShares Bloomberg Roll | Abrdn Bloomberg vs. GraniteShares Bloomberg Commodity | Abrdn Bloomberg vs. iShares GSCI Commodity |
| GraniteShares Bloomberg vs. abrdn Bloomberg All | GraniteShares Bloomberg vs. iShares Bloomberg Roll | GraniteShares Bloomberg vs. abrdn Bloomberg All | GraniteShares Bloomberg vs. Direxion Auspice Broad |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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