Correlation Between Fidelity Sai and Dunham Floating
Can any of the company-specific risk be diversified away by investing in both Fidelity Sai and Dunham Floating 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 Fidelity Sai and Dunham Floating into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelity Sai Convertible and Dunham Floating Rate, you can compare the effects of market volatilities on Fidelity Sai and Dunham Floating 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 Fidelity Sai with a short position of Dunham Floating. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Sai and Dunham Floating.
Diversification Opportunities for Fidelity Sai and Dunham Floating
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Fidelity and Dunham is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Sai Convertible and Dunham Floating Rate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dunham Floating Rate and Fidelity Sai 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 Fidelity Sai Convertible are associated (or correlated) with Dunham Floating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dunham Floating Rate has no effect on the direction of Fidelity Sai i.e., Fidelity Sai and Dunham Floating go up and down completely randomly.
Pair Corralation between Fidelity Sai and Dunham Floating
Assuming the 90 days horizon Fidelity Sai is expected to generate 1.78 times less return on investment than Dunham Floating. In addition to that, Fidelity Sai is 1.19 times more volatile than Dunham Floating Rate. It trades about 0.28 of its total potential returns per unit of risk. Dunham Floating Rate is currently generating about 0.59 per unit of volatility. If you would invest 838.00 in Dunham Floating Rate on May 2, 2025 and sell it today you would earn a total of 32.00 from holding Dunham Floating Rate or generate 3.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fidelity Sai Convertible vs. Dunham Floating Rate
Performance |
| Timeline |
| Fidelity Sai Convertible |
| Dunham Floating Rate |
Fidelity Sai and Dunham Floating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Sai and Dunham Floating
The main advantage of trading using opposite Fidelity Sai and Dunham Floating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Sai position performs unexpectedly, Dunham Floating 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 Dunham Floating will offset losses from the drop in Dunham Floating's long position.| Fidelity Sai vs. Gurtin California Muni | Fidelity Sai vs. The National Tax Free | Fidelity Sai vs. Aig Government Money | Fidelity Sai vs. Prudential California Muni |
| Dunham Floating vs. Victory Rs Science | Dunham Floating vs. Fidelity Advisor Technology | Dunham Floating vs. Columbia Global Technology | Dunham Floating vs. T Rowe Price |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |