Correlation Between PennantPark Floating and Connected Media
Can any of the company-specific risk be diversified away by investing in both PennantPark Floating and Connected Media 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 PennantPark Floating and Connected Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PennantPark Floating Rate and Connected Media Tech, you can compare the effects of market volatilities on PennantPark Floating and Connected Media 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 PennantPark Floating with a short position of Connected Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of PennantPark Floating and Connected Media.
Diversification Opportunities for PennantPark Floating and Connected Media
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PennantPark and Connected is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PennantPark Floating Rate and Connected Media Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Connected Media Tech and PennantPark Floating 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 PennantPark Floating Rate are associated (or correlated) with Connected Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Connected Media Tech has no effect on the direction of PennantPark Floating i.e., PennantPark Floating and Connected Media go up and down completely randomly.
Pair Corralation between PennantPark Floating and Connected Media
If you would invest 1,016 in PennantPark Floating Rate on June 10, 2025 and sell it today you would earn a total of 11.50 from holding PennantPark Floating Rate or generate 1.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PennantPark Floating Rate vs. Connected Media Tech
Performance |
| Timeline |
| PennantPark Floating Rate |
| Connected Media Tech |
PennantPark Floating and Connected Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PennantPark Floating and Connected Media
The main advantage of trading using opposite PennantPark Floating and Connected Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PennantPark Floating position performs unexpectedly, Connected Media 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 Connected Media will offset losses from the drop in Connected Media's long position.| PennantPark Floating vs. Gladstone Investment | PennantPark Floating vs. Horizon Technology Finance | PennantPark Floating vs. Stellus Capital Investment | PennantPark Floating vs. Prospect Capital |
| Connected Media vs. AerSale Corp | Connected Media vs. Kura Sushi USA | Connected Media vs. Cebu Air ADR | Connected Media vs. EvoAir Holdings |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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