Correlation Between Manning Napier and Asg Managed
Can any of the company-specific risk be diversified away by investing in both Manning Napier and Asg Managed 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 Asg Managed into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Manning Napier Unconstrained and Asg Managed Futures, you can compare the effects of market volatilities on Manning Napier and Asg Managed 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 Asg Managed. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manning Napier and Asg Managed.
Diversification Opportunities for Manning Napier and Asg Managed
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Manning and Asg is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Manning Napier Unconstrained and Asg Managed Futures in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asg Managed Futures 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 Unconstrained are associated (or correlated) with Asg Managed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asg Managed Futures has no effect on the direction of Manning Napier i.e., Manning Napier and Asg Managed go up and down completely randomly.
Pair Corralation between Manning Napier and Asg Managed
Assuming the 90 days horizon Manning Napier is expected to generate 7.28 times less return on investment than Asg Managed. But when comparing it to its historical volatility, Manning Napier Unconstrained is 4.03 times less risky than Asg Managed. It trades about 0.1 of its potential returns per unit of risk. Asg Managed Futures is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 857.00 in Asg Managed Futures on September 6, 2024 and sell it today you would earn a total of 19.00 from holding Asg Managed Futures or generate 2.22% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Manning Napier Unconstrained vs. Asg Managed Futures
Performance |
Timeline |
Manning Napier Uncon |
Asg Managed Futures |
Manning Napier and Asg Managed Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Manning Napier and Asg Managed
The main advantage of trading using opposite Manning Napier and Asg Managed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manning Napier position performs unexpectedly, Asg Managed 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 Asg Managed will offset losses from the drop in Asg Managed's long position.Manning Napier vs. Fidelity Advisor Gold | Manning Napier vs. International Investors Gold | Manning Napier vs. Gold And Precious | Manning Napier vs. Vy Goldman Sachs |
Asg Managed vs. Aqr Managed Futures | Asg Managed vs. Pimco Trends Managed | Asg Managed vs. Eaton Vance Global | Asg Managed vs. Aqr Managed Futures |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Transaction History View history of all your transactions and understand their impact on performance | |
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |