Correlation Between Manning Napier and AllianceBernstein
Can any of the company-specific risk be diversified away by investing in both Manning Napier and AllianceBernstein 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 Manning Napier and AllianceBernstein into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Manning Napier and AllianceBernstein Holding LP, you can compare the effects of market volatilities on Manning Napier and AllianceBernstein 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 Manning Napier with a short position of AllianceBernstein. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manning Napier and AllianceBernstein.
Diversification Opportunities for Manning Napier and AllianceBernstein
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Manning and AllianceBernstein is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Manning Napier and AllianceBernstein Holding LP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AllianceBernstein and Manning Napier 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 Manning Napier are associated (or correlated) with AllianceBernstein. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AllianceBernstein has no effect on the direction of Manning Napier i.e., Manning Napier and AllianceBernstein go up and down completely randomly.
Pair Corralation between Manning Napier and AllianceBernstein
If you would invest 3,298 in AllianceBernstein Holding LP on January 26, 2024 and sell it today you would earn a total of 54.00 from holding AllianceBernstein Holding LP or generate 1.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 1.61% |
| Values | Daily Returns |
Manning Napier vs. AllianceBernstein Holding LP
Performance |
| Timeline |
| Manning Napier |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| AllianceBernstein |
Manning Napier and AllianceBernstein Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manning Napier and AllianceBernstein
The main advantage of trading using opposite Manning Napier and AllianceBernstein positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manning Napier position performs unexpectedly, AllianceBernstein 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 AllianceBernstein will offset losses from the drop in AllianceBernstein's long position.| Manning Napier vs. Joby Aviation | Manning Napier vs. Natural Alternatives International | Manning Napier vs. Marfrig Global Foods | Manning Napier vs. Papaya Growth Opportunity |
| AllianceBernstein vs. Federated Premier Municipal | AllianceBernstein vs. Blackrock Muniyield | AllianceBernstein vs. NXG NextGen Infrastructure | AllianceBernstein vs. Brightsphere Investment Group |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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