Correlation Between Dana Large and Tiaa Cref
Can any of the company-specific risk be diversified away by investing in both Dana Large and Tiaa Cref 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 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 Large Cap Value, you can compare the effects of market volatilities on Dana Large and Tiaa Cref 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. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dana Large and Tiaa Cref.
Diversification Opportunities for Dana Large and Tiaa Cref
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Dana and Tiaa is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Dana Large Cap and Tiaa Cref Large Cap Value in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tiaa Cref Large 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. 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 Large has no effect on the direction of Dana Large i.e., Dana Large and Tiaa Cref go up and down completely randomly.
Pair Corralation between Dana Large and Tiaa Cref
Assuming the 90 days horizon Dana Large is expected to generate 2.06 times less return on investment than Tiaa Cref. In addition to that, Dana Large is 1.13 times more volatile than Tiaa Cref Large Cap Value. It trades about 0.11 of its total potential returns per unit of risk. Tiaa Cref Large Cap Value is currently generating about 0.25 per unit of volatility. If you would invest 2,720 in Tiaa Cref Large Cap Value on June 5, 2025 and sell it today you would earn a total of 81.00 from holding Tiaa Cref Large Cap Value or generate 2.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Dana Large Cap vs. Tiaa Cref Large Cap Value
Performance |
| Timeline |
| Dana Large Cap |
| Tiaa Cref Large |
Dana Large and Tiaa Cref Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dana Large and Tiaa Cref
The main advantage of trading using opposite Dana Large and Tiaa Cref positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dana Large position performs unexpectedly, Tiaa Cref 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 will offset losses from the drop in Tiaa Cref's long position.| Dana Large vs. Putnam Diversified Income | Dana Large vs. American Funds Conservative | Dana Large vs. Calvert Conservative Allocation | Dana Large vs. Jpmorgan Diversified Fund |
| Tiaa Cref vs. Westwood Short Duration | Tiaa Cref vs. American Funds Tax Exempt | Tiaa Cref vs. Nuveen Equity Longshort | Tiaa Cref vs. Blackrock Global Longshort |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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