Correlation Between Saba Capital and PFIZER
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By analyzing existing cross correlation between Saba Capital Income and PFIZER INC 3, you can compare the effects of market volatilities on Saba Capital and PFIZER 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 Saba Capital with a short position of PFIZER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saba Capital and PFIZER.
Diversification Opportunities for Saba Capital and PFIZER
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Saba and PFIZER is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Saba Capital Income and PFIZER INC 3 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PFIZER INC 3 and Saba Capital 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 Saba Capital Income are associated (or correlated) with PFIZER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PFIZER INC 3 has no effect on the direction of Saba Capital i.e., Saba Capital and PFIZER go up and down completely randomly.
Pair Corralation between Saba Capital and PFIZER
Given the investment horizon of 90 days Saba Capital Income is expected to generate 1.78 times more return on investment than PFIZER. However, Saba Capital is 1.78 times more volatile than PFIZER INC 3. It trades about 0.1 of its potential returns per unit of risk. PFIZER INC 3 is currently generating about 0.03 per unit of risk. If you would invest 712.00 in Saba Capital Income on September 24, 2024 and sell it today you would earn a total of 177.00 from holding Saba Capital Income or generate 24.86% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 99.31% |
Values | Daily Returns |
Saba Capital Income vs. PFIZER INC 3
Performance |
Timeline |
Saba Capital Income |
PFIZER INC 3 |
Saba Capital and PFIZER Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Saba Capital and PFIZER
The main advantage of trading using opposite Saba Capital and PFIZER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saba Capital position performs unexpectedly, PFIZER 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 PFIZER will offset losses from the drop in PFIZER's long position.Saba Capital vs. Vanguard Total Stock | Saba Capital vs. SPDR SP 500 | Saba Capital vs. iShares Core SP | Saba Capital vs. Vanguard Total Bond |
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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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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