Correlation Between Abrdn Bloomberg and GraniteShares
Can any of the company-specific risk be diversified away by investing in both Abrdn Bloomberg and GraniteShares 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 Abrdn Bloomberg and GraniteShares into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between abrdn Bloomberg All and GraniteShares, you can compare the effects of market volatilities on Abrdn Bloomberg and GraniteShares 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 Abrdn Bloomberg with a short position of GraniteShares. Check out your portfolio center. Please also check ongoing floating volatility patterns of Abrdn Bloomberg and GraniteShares.
Diversification Opportunities for Abrdn Bloomberg and GraniteShares
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Abrdn and GraniteShares is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding abrdn Bloomberg All and GraniteShares in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GraniteShares and Abrdn Bloomberg 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 abrdn Bloomberg All are associated (or correlated) with GraniteShares. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GraniteShares has no effect on the direction of Abrdn Bloomberg i.e., Abrdn Bloomberg and GraniteShares go up and down completely randomly.
Pair Corralation between Abrdn Bloomberg and GraniteShares
If you would invest 1,898 in abrdn Bloomberg All on January 20, 2024 and sell it today you would earn a total of 137.00 from holding abrdn Bloomberg All or generate 7.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
abrdn Bloomberg All vs. GraniteShares
Performance |
| Timeline |
| abrdn Bloomberg All |
| GraniteShares |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Abrdn Bloomberg and GraniteShares Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Abrdn Bloomberg and GraniteShares
The main advantage of trading using opposite Abrdn Bloomberg and GraniteShares positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Abrdn Bloomberg position performs unexpectedly, GraniteShares 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 GraniteShares will offset losses from the drop in GraniteShares' long position.| Abrdn Bloomberg vs. GraniteShares Bloomberg Commodity | Abrdn Bloomberg vs. abrdn Bloomberg All | Abrdn Bloomberg vs. PIMCO 15 Year | Abrdn Bloomberg vs. Invesco Optimum Yield |
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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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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