Correlation Between Nationwide Bailard and Voya Large-cap
Can any of the company-specific risk be diversified away by investing in both Nationwide Bailard and Voya Large-cap 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 Bailard and Voya Large-cap into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nationwide Bailard Technology and Voya Large Cap Growth, you can compare the effects of market volatilities on Nationwide Bailard and Voya Large-cap 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 Bailard with a short position of Voya Large-cap. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nationwide Bailard and Voya Large-cap.
Diversification Opportunities for Nationwide Bailard and Voya Large-cap
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Nationwide and Voya is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Nationwide Bailard Technology and Voya Large Cap Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Large Cap and Nationwide Bailard 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 Bailard Technology are associated (or correlated) with Voya Large-cap. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Large Cap has no effect on the direction of Nationwide Bailard i.e., Nationwide Bailard and Voya Large-cap go up and down completely randomly.
Pair Corralation between Nationwide Bailard and Voya Large-cap
Assuming the 90 days horizon Nationwide Bailard Technology is expected to under-perform the Voya Large-cap. In addition to that, Nationwide Bailard is 1.27 times more volatile than Voya Large Cap Growth. It trades about -0.22 of its total potential returns per unit of risk. Voya Large Cap Growth is currently generating about -0.08 per unit of volatility. If you would invest 7,184 in Voya Large Cap Growth on September 3, 2025 and sell it today you would lose (158.00) from holding Voya Large Cap Growth or give up 2.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nationwide Bailard Technology vs. Voya Large Cap Growth
Performance |
| Timeline |
| Nationwide Bailard |
| Voya Large Cap |
Nationwide Bailard and Voya Large-cap Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nationwide Bailard and Voya Large-cap
The main advantage of trading using opposite Nationwide Bailard and Voya Large-cap positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nationwide Bailard position performs unexpectedly, Voya Large-cap 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 Voya Large-cap will offset losses from the drop in Voya Large-cap's long position.| Nationwide Bailard vs. Virtus Multi Sector Short | Nationwide Bailard vs. Prudential Short Duration | Nationwide Bailard vs. Astor Longshort Fund | Nationwide Bailard vs. Federated Short Term Income |
| Voya Large-cap vs. Intermediate Government Bond | Voya Large-cap vs. Aig Government Money | Voya Large-cap vs. Blackrock Government Bond | Voya Large-cap vs. Dunham Porategovernment Bond |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |