Correlation Between Ashmore Emerging and Janus Henderson
Can any of the company-specific risk be diversified away by investing in both Ashmore Emerging and Janus Henderson 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 Ashmore Emerging and Janus Henderson into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ashmore Emerging Markets and Janus Henderson Growth, you can compare the effects of market volatilities on Ashmore Emerging and Janus Henderson 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 Ashmore Emerging with a short position of Janus Henderson. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ashmore Emerging and Janus Henderson.
Diversification Opportunities for Ashmore Emerging and Janus Henderson
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ashmore and Janus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ashmore Emerging Markets and Janus Henderson Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Janus Henderson Growth and Ashmore Emerging 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 Ashmore Emerging Markets are associated (or correlated) with Janus Henderson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Janus Henderson Growth has no effect on the direction of Ashmore Emerging i.e., Ashmore Emerging and Janus Henderson go up and down completely randomly.
Pair Corralation between Ashmore Emerging and Janus Henderson
If you would invest 573.00 in Ashmore Emerging Markets on September 14, 2024 and sell it today you would earn a total of 6.00 from holding Ashmore Emerging Markets or generate 1.05% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Ashmore Emerging Markets vs. Janus Henderson Growth
Performance |
Timeline |
Ashmore Emerging Markets |
Janus Henderson Growth |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ashmore Emerging and Janus Henderson Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ashmore Emerging and Janus Henderson
The main advantage of trading using opposite Ashmore Emerging and Janus Henderson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ashmore Emerging position performs unexpectedly, Janus Henderson 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 Janus Henderson will offset losses from the drop in Janus Henderson's long position.Ashmore Emerging vs. Ashmore Emerging Markets | Ashmore Emerging vs. Ashmore Emerging Markets | Ashmore Emerging vs. Ashmore Emerging Markets | Ashmore Emerging vs. Ashmore Emerging Markets |
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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