Correlation Between Nuveen Large and Congress Large
Can any of the company-specific risk be diversified away by investing in both Nuveen Large and Congress Large 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 Nuveen Large and Congress Large into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nuveen Large Cap and Congress Large Cap, you can compare the effects of market volatilities on Nuveen Large and Congress Large 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 Nuveen Large with a short position of Congress Large. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nuveen Large and Congress Large.
Diversification Opportunities for Nuveen Large and Congress Large
0.99 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Nuveen and CONGRESS is 0.99. Overlapping area represents the amount of risk that can be diversified away by holding Nuveen Large Cap and Congress Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Congress Large Cap and Nuveen 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 Nuveen Large Cap are associated (or correlated) with Congress Large. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Congress Large Cap has no effect on the direction of Nuveen Large i.e., Nuveen Large and Congress Large go up and down completely randomly.
Pair Corralation between Nuveen Large and Congress Large
Assuming the 90 days horizon Nuveen Large Cap is expected to generate 0.97 times more return on investment than Congress Large. However, Nuveen Large Cap is 1.03 times less risky than Congress Large. It trades about 0.26 of its potential returns per unit of risk. Congress Large Cap is currently generating about 0.2 per unit of risk. If you would invest 3,948 in Nuveen Large Cap on May 29, 2025 and sell it today you would earn a total of 430.00 from holding Nuveen Large Cap or generate 10.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nuveen Large Cap vs. Congress Large Cap
Performance |
| Timeline |
| Nuveen Large Cap |
| Congress Large Cap |
Nuveen Large and Congress Large Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nuveen Large and Congress Large
The main advantage of trading using opposite Nuveen Large and Congress Large positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nuveen Large position performs unexpectedly, Congress Large 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 Congress Large will offset losses from the drop in Congress Large's long position.| Nuveen Large vs. Nuveen Large Cap | Nuveen Large vs. Nuveen Large Cap | Nuveen Large vs. Lazard Equity Centrated | Nuveen Large vs. Guggenheim Styleplus |
| Congress Large vs. Jhancock Disciplined Value | Congress Large vs. Large Cap Growth Profund | Congress Large vs. Nuveen Large Cap | Congress Large vs. Vest Large Cap |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |