Correlation Between Blue Current and Nuveen Winslow

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

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

Diversification Opportunities for Blue Current and Nuveen Winslow

-0.07

Correlation Coefficient

Blue Current  Nuveen Winslow

Good diversification

The 3 months correlation between BLUE and Nuveen is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Blue Current Global and Nuveen Winslow Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Winslow Large and Blue Current 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 Blue Current Global are associated (or correlated) with Nuveen Winslow. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Winslow Large has no effect on the direction of Blue Current i.e., Blue Current and Nuveen Winslow go up and down completely randomly.

Pair Corralation between Blue Current and Nuveen Winslow

Assuming the 90 days horizon Blue Current Global is expected to generate 0.49 times more return on investment than Nuveen Winslow. However, Blue Current Global is 2.05 times less risky than Nuveen Winslow. It trades about 0.14 of its potential returns per unit of risk. Nuveen Winslow Large Cap is currently generating about -0.09 per unit of risk. If you would invest  1,556  in Blue Current Global on December 28, 2024 and sell it today you would earn a total of  96.00  from holding Blue Current Global or generate 6.17% return on investment over 90 days.

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

Blue Current Global  vs.  Nuveen Winslow Large Cap

Blue Current Global

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Blue Current Global are ranked lower than 11 (%) of all funds and portfolios of funds over the last 90 days. In spite of fairly weak fundamental indicators, Blue Current may actually be approaching a critical reversion point that can send shares even higher in April 2025.

Nuveen Winslow Large

Risk-Adjusted Performance

Very Weak

Over the last 90 days Nuveen Winslow Large Cap has generated negative risk-adjusted returns adding no value to fund investors. In spite of latest weak performance, the Fund's forward indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the fund investors.

Pair Trading with Blue Current and Nuveen Winslow

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

The idea behind Blue Current Global and Nuveen Winslow Large Cap 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.

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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.