Correlation Between Dana Large and Tiaa-cref Growth
Can any of the company-specific risk be diversified away by investing in both Dana Large and Tiaa-cref Growth 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 Dana Large and Tiaa-cref Growth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Dana Large Cap and Tiaa Cref Growth Income, you can compare the effects of market volatilities on Dana Large and Tiaa-cref Growth 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 Dana Large with a short position of Tiaa-cref Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dana Large and Tiaa-cref Growth.
Diversification Opportunities for Dana Large and Tiaa-cref Growth
0.99 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Dana and Tiaa-cref is 0.99. Overlapping area represents the amount of risk that can be diversified away by holding Dana Large Cap and Tiaa Cref Growth Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tiaa Cref Growth and Dana Large 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 Dana Large Cap are associated (or correlated) with Tiaa-cref Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tiaa Cref Growth has no effect on the direction of Dana Large i.e., Dana Large and Tiaa-cref Growth go up and down completely randomly.
Pair Corralation between Dana Large and Tiaa-cref Growth
Assuming the 90 days horizon Dana Large Cap is expected to generate 0.98 times more return on investment than Tiaa-cref Growth. However, Dana Large Cap is 1.02 times less risky than Tiaa-cref Growth. It trades about 0.23 of its potential returns per unit of risk. Tiaa Cref Growth Income is currently generating about 0.22 per unit of risk. If you would invest 2,181 in Dana Large Cap on June 3, 2025 and sell it today you would earn a total of 210.00 from holding Dana Large Cap or generate 9.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dana Large Cap vs. Tiaa Cref Growth Income
Performance |
| Timeline |
| Dana Large Cap |
| Tiaa Cref Growth |
Dana Large and Tiaa-cref Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dana Large and Tiaa-cref Growth
The main advantage of trading using opposite Dana Large and Tiaa-cref Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dana Large position performs unexpectedly, Tiaa-cref Growth 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 Tiaa-cref Growth will offset losses from the drop in Tiaa-cref Growth's long position.| Dana Large vs. Chase Growth Fund | Dana Large vs. Tactical Multi Purpose Fund | Dana Large vs. Transamerica Funds | Dana Large vs. Auer Growth Fund |
| Tiaa-cref Growth vs. Lord Abbett Intermediate | Tiaa-cref Growth vs. Intermediate Term Tax Free Bond | Tiaa-cref Growth vs. Ab Municipal Bond | Tiaa-cref Growth vs. California Municipal Portfolio |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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