Correlation Between Lazard Global and Nuveen Core

Can any of the company-specific risk be diversified away by investing in both Lazard Global and Nuveen Core 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 Lazard Global and Nuveen Core into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Lazard Global Total and Nuveen Core Equity, you can compare the effects of market volatilities on Lazard Global and Nuveen Core 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 Lazard Global with a short position of Nuveen Core. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lazard Global and Nuveen Core.

Diversification Opportunities for Lazard Global and Nuveen Core

0.75

Correlation Coefficient

Lazard Global  Nuveen Core

Poor diversification

The 3 months correlation between Lazard and Nuveen is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Lazard Global Total and Nuveen Core Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Core Equity and Lazard Global 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 Lazard Global Total are associated (or correlated) with Nuveen Core. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Core Equity has no effect on the direction of Lazard Global i.e., Lazard Global and Nuveen Core go up and down completely randomly.

Pair Corralation between Lazard Global and Nuveen Core

Considering the 90-day investment horizon Lazard Global Total is expected to generate 0.97 times more return on investment than Nuveen Core. However, Lazard Global Total is 1.03 times less risky than Nuveen Core. It trades about 0.21 of its potential returns per unit of risk. Nuveen Core Equity is currently generating about 0.18 per unit of risk. If you would invest  1,511  in Lazard Global Total on May 6, 2025 and sell it today you would earn a total of  156.00  from holding Lazard Global Total or generate 10.32% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Significant
Accuracy	100.0%
Values	Daily Returns

Lazard Global Total  vs.  Nuveen Core Equity

Lazard Global Total

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Lazard Global Total are ranked lower than 16 (%) of all funds and portfolios of funds over the last 90 days. Despite fairly abnormal technical and fundamental indicators, Lazard Global may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Nuveen Core Equity

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Nuveen Core Equity are ranked lower than 13 (%) of all funds and portfolios of funds over the last 90 days. In spite of rather weak fundamental indicators, Nuveen Core may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Pair Trading with Lazard Global and Nuveen Core

The main advantage of trading using opposite Lazard Global and Nuveen Core positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lazard Global position performs unexpectedly, Nuveen Core 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 Nuveen Core will offset losses from the drop in Nuveen Core's long position.

The idea behind Lazard Global Total and Nuveen Core Equity pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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..