Correlation Between Nationwide Investor and Doubleline Core
Can any of the company-specific risk be diversified away by investing in both Nationwide Investor and Doubleline Core 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 Nationwide Investor and Doubleline Core into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nationwide Investor Destinations and Doubleline Core Fixed, you can compare the effects of market volatilities on Nationwide Investor and Doubleline Core 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 Nationwide Investor with a short position of Doubleline Core. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nationwide Investor and Doubleline Core.
Diversification Opportunities for Nationwide Investor and Doubleline Core
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between NATIONWIDE and Doubleline is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Investor Destinatio and Doubleline Core Fixed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doubleline Core Fixed and Nationwide Investor 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 Nationwide Investor Destinations are associated (or correlated) with Doubleline Core. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Doubleline Core Fixed has no effect on the direction of Nationwide Investor i.e., Nationwide Investor and Doubleline Core go up and down completely randomly.
Pair Corralation between Nationwide Investor and Doubleline Core
Assuming the 90 days horizon Nationwide Investor Destinations is expected to generate 1.81 times more return on investment than Doubleline Core. However, Nationwide Investor is 1.81 times more volatile than Doubleline Core Fixed. It trades about 0.1 of its potential returns per unit of risk. Doubleline Core Fixed is currently generating about 0.18 per unit of risk. If you would invest 992.00 in Nationwide Investor Destinations on August 28, 2025 and sell it today you would earn a total of 20.00 from holding Nationwide Investor Destinations or generate 2.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nationwide Investor Destinatio vs. Doubleline Core Fixed
Performance |
| Timeline |
| Nationwide Investor |
| Doubleline Core Fixed |
Nationwide Investor and Doubleline Core Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nationwide Investor and Doubleline Core
The main advantage of trading using opposite Nationwide Investor and Doubleline Core positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nationwide Investor position performs unexpectedly, Doubleline Core 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 Doubleline Core will offset losses from the drop in Doubleline Core's long position.| Nationwide Investor vs. Delaware Minnesota High Yield | Nationwide Investor vs. Tax Exempt High Yield | Nationwide Investor vs. Transamerica High Yield | Nationwide Investor vs. Tax Exempt High Yield |
| Doubleline Core vs. Legg Mason Partners | Doubleline Core vs. Nationwide Investor Destinations | Doubleline Core vs. Transamerica Asset Allocation | Doubleline Core vs. Franklin Lifesmart 2060 |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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