Correlation Between Ab Municipal and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both Ab Municipal and Cohen Steers 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 Ab Municipal and Cohen Steers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ab Municipal Bond and Cohen Steers Real, you can compare the effects of market volatilities on Ab Municipal and Cohen Steers 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 Ab Municipal with a short position of Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ab Municipal and Cohen Steers.
Diversification Opportunities for Ab Municipal and Cohen Steers
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between AUNTX and Cohen is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Ab Municipal Bond and Cohen Steers Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Real and Ab Municipal 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 Ab Municipal Bond are associated (or correlated) with Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Real has no effect on the direction of Ab Municipal i.e., Ab Municipal and Cohen Steers go up and down completely randomly.
Pair Corralation between Ab Municipal and Cohen Steers
Assuming the 90 days horizon Ab Municipal Bond is expected to generate 0.16 times more return on investment than Cohen Steers. However, Ab Municipal Bond is 6.32 times less risky than Cohen Steers. It trades about 0.38 of its potential returns per unit of risk. Cohen Steers Real is currently generating about 0.01 per unit of risk. If you would invest 1,046 in Ab Municipal Bond on June 10, 2025 and sell it today you would earn a total of 33.00 from holding Ab Municipal Bond or generate 3.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.41% |
| Values | Daily Returns |
Ab Municipal Bond vs. Cohen Steers Real
Performance |
| Timeline |
| Ab Municipal Bond |
| Cohen Steers Real |
Ab Municipal and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ab Municipal and Cohen Steers
The main advantage of trading using opposite Ab Municipal and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ab Municipal position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' long position.| Ab Municipal vs. Siit Emerging Markets | Ab Municipal vs. Harding Loevner Emerging | Ab Municipal vs. Pnc Emerging Markets | Ab Municipal vs. Jpmorgan Emerging Markets |
| Cohen Steers vs. T Rowe Price | Cohen Steers vs. Ab Bond Inflation | Cohen Steers vs. Tiaa Cref Inflation Linked Bond | Cohen Steers vs. Short Duration Inflation |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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