Correlation Between Summit Global and Pimco International
Can any of the company-specific risk be diversified away by investing in both Summit Global and Pimco International 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 Summit Global and Pimco International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Summit Global Investments and Pimco International Bond, you can compare the effects of market volatilities on Summit Global and Pimco International 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 Summit Global with a short position of Pimco International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Summit Global and Pimco International.
Diversification Opportunities for Summit Global and Pimco International
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Summit and Pimco is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Summit Global Investments and Pimco International Bond in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pimco International Bond and Summit Global 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 Summit Global Investments are associated (or correlated) with Pimco International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pimco International Bond has no effect on the direction of Summit Global i.e., Summit Global and Pimco International go up and down completely randomly.
Pair Corralation between Summit Global and Pimco International
Assuming the 90 days horizon Summit Global Investments is expected to generate 4.62 times more return on investment than Pimco International. However, Summit Global is 4.62 times more volatile than Pimco International Bond. It trades about 0.08 of its potential returns per unit of risk. Pimco International Bond is currently generating about 0.16 per unit of risk. If you would invest 1,719 in Summit Global Investments on September 4, 2025 and sell it today you would earn a total of 48.00 from holding Summit Global Investments or generate 2.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
Summit Global Investments vs. Pimco International Bond
Performance |
| Timeline |
| Summit Global Investments |
| Pimco International Bond |
Summit Global and Pimco International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Summit Global and Pimco International
The main advantage of trading using opposite Summit Global and Pimco International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Summit Global position performs unexpectedly, Pimco International 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 Pimco International will offset losses from the drop in Pimco International's long position.| Summit Global vs. Ab Municipal Bond | Summit Global vs. Arrow Managed Futures | Summit Global vs. Simt Multi Asset Inflation | Summit Global vs. Fidelity Sai Inflationfocused |
| Pimco International vs. Putnam Global Financials | Pimco International vs. Transamerica Financial Life | Pimco International vs. Financials Ultrasector Profund | Pimco International vs. Davis Financial Fund |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments |