Correlation Between Allianzgi Diversified and Saba Capital
Can any of the company-specific risk be diversified away by investing in both Allianzgi Diversified and Saba Capital 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 Allianzgi Diversified and Saba Capital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Allianzgi Diversified Income and Saba Capital Income, you can compare the effects of market volatilities on Allianzgi Diversified and Saba Capital 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 Allianzgi Diversified with a short position of Saba Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allianzgi Diversified and Saba Capital.
Diversification Opportunities for Allianzgi Diversified and Saba Capital
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Allianzgi and Saba is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Allianzgi Diversified Income and Saba Capital Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saba Capital Income and Allianzgi Diversified 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 Allianzgi Diversified Income are associated (or correlated) with Saba Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saba Capital Income has no effect on the direction of Allianzgi Diversified i.e., Allianzgi Diversified and Saba Capital go up and down completely randomly.
Pair Corralation between Allianzgi Diversified and Saba Capital
Considering the 90-day investment horizon Allianzgi Diversified Income is expected to generate 0.82 times more return on investment than Saba Capital. However, Allianzgi Diversified Income is 1.22 times less risky than Saba Capital. It trades about 0.18 of its potential returns per unit of risk. Saba Capital Income is currently generating about -0.11 per unit of risk. If you would invest 2,346 in Allianzgi Diversified Income on September 13, 2025 and sell it today you would earn a total of 267.00 from holding Allianzgi Diversified Income or generate 11.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allianzgi Diversified Income vs. Saba Capital Income
Performance |
| Timeline |
| Allianzgi Diversified |
| Saba Capital Income |
Allianzgi Diversified and Saba Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allianzgi Diversified and Saba Capital
The main advantage of trading using opposite Allianzgi Diversified and Saba Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allianzgi Diversified position performs unexpectedly, Saba Capital 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 Saba Capital will offset losses from the drop in Saba Capital's long position.| Allianzgi Diversified vs. Nuveen Core Equity | Allianzgi Diversified vs. Allspring Multi Sector | Allianzgi Diversified vs. Cohen Steers Real | Allianzgi Diversified vs. Special Opportunities Closed |
| Saba Capital vs. Alliancebernstein National Municipal | Saba Capital vs. Templeton Emerging Markets | Saba Capital vs. Nuveen Global High | Saba Capital vs. Pimco Strategic Income |
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 Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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