Correlation Between AIM ETF and DoubleLine Opportunistic

Can any of the company-specific risk be diversified away by investing in both AIM ETF and DoubleLine Opportunistic 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 AIM ETF and DoubleLine Opportunistic into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between AIM ETF Products and DoubleLine Opportunistic Bond, you can compare the effects of market volatilities on AIM ETF and DoubleLine Opportunistic 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 AIM ETF with a short position of DoubleLine Opportunistic. Check out your portfolio center. Please also check ongoing floating volatility patterns of AIM ETF and DoubleLine Opportunistic.

Diversification Opportunities for AIM ETF and DoubleLine Opportunistic

0.9

Correlation Coefficient

AIM ETF  DoubleLine Opportunistic

Almost no diversification

The 3 months correlation between AIM and DoubleLine is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding AIM ETF Products and DoubleLine Opportunistic Bond in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DoubleLine Opportunistic and AIM ETF 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 AIM ETF Products are associated (or correlated) with DoubleLine Opportunistic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DoubleLine Opportunistic has no effect on the direction of AIM ETF i.e., AIM ETF and DoubleLine Opportunistic go up and down completely randomly.

Pair Corralation between AIM ETF and DoubleLine Opportunistic

Given the investment horizon of 90 days AIM ETF Products is expected to generate 1.07 times more return on investment than DoubleLine Opportunistic. However, AIM ETF is 1.07 times more volatile than DoubleLine Opportunistic Bond. It trades about 0.29 of its potential returns per unit of risk. DoubleLine Opportunistic Bond is currently generating about 0.2 per unit of risk. If you would invest  2,666  in AIM ETF Products on May 22, 2025 and sell it today you would earn a total of  126.00  from holding AIM ETF Products or generate 4.73% return on investment over 90 days.

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

AIM ETF Products  vs.  DoubleLine Opportunistic Bond

AIM ETF Products

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in AIM ETF Products are ranked lower than 22 (%) of all global equities and portfolios over the last 90 days. In spite of rather sound basic indicators, AIM ETF is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.

DoubleLine Opportunistic

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in DoubleLine Opportunistic Bond are ranked lower than 15 (%) of all global equities and portfolios over the last 90 days. In spite of rather sound basic indicators, DoubleLine Opportunistic is not utilizing all of its potentials. The latest stock price tumult, may contribute to shorter-term losses for the shareholders.

Pair Trading with AIM ETF and DoubleLine Opportunistic

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

The idea behind AIM ETF Products and DoubleLine Opportunistic Bond 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.