Correlation Between Pgim Jennison and Segall Bryant
Can any of the company-specific risk be diversified away by investing in both Pgim Jennison and Segall Bryant 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 Pgim Jennison and Segall Bryant into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pgim Jennison Diversified and Segall Bryant Hamill, you can compare the effects of market volatilities on Pgim Jennison and Segall Bryant 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 Pgim Jennison with a short position of Segall Bryant. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pgim Jennison and Segall Bryant.
Diversification Opportunities for Pgim Jennison and Segall Bryant
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Pgim and Segall is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Pgim Jennison Diversified and Segall Bryant Hamill in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Segall Bryant Hamill and Pgim Jennison 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 Pgim Jennison Diversified are associated (or correlated) with Segall Bryant. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Segall Bryant Hamill has no effect on the direction of Pgim Jennison i.e., Pgim Jennison and Segall Bryant go up and down completely randomly.
Pair Corralation between Pgim Jennison and Segall Bryant
Assuming the 90 days horizon Pgim Jennison Diversified is expected to under-perform the Segall Bryant. In addition to that, Pgim Jennison is 1.52 times more volatile than Segall Bryant Hamill. It trades about -0.09 of its total potential returns per unit of risk. Segall Bryant Hamill is currently generating about -0.07 per unit of volatility. If you would invest 1,957 in Segall Bryant Hamill on December 28, 2024 and sell it today you would lose (80.00) from holding Segall Bryant Hamill or give up 4.09% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Pgim Jennison Diversified vs. Segall Bryant Hamill
Performance |
Timeline |
Pgim Jennison Diversified |
Segall Bryant Hamill |
Pgim Jennison and Segall Bryant Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Pgim Jennison and Segall Bryant
The main advantage of trading using opposite Pgim Jennison and Segall Bryant positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pgim Jennison position performs unexpectedly, Segall Bryant 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 Segall Bryant will offset losses from the drop in Segall Bryant's long position.Pgim Jennison vs. Calamos Dynamic Convertible | Pgim Jennison vs. Putnam Convertible Securities | Pgim Jennison vs. Gabelli Convertible And | Pgim Jennison vs. Absolute Convertible Arbitrage |
Segall Bryant vs. International Investors Gold | Segall Bryant vs. The Gold Bullion | Segall Bryant vs. Deutsche Gold Precious | Segall Bryant vs. Oppenheimer Gold Special |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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