Correlation Between Shelton International and Nationwide Bailard
Can any of the company-specific risk be diversified away by investing in both Shelton International and Nationwide Bailard 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 Shelton International and Nationwide Bailard into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Shelton International Select and Nationwide Bailard International, you can compare the effects of market volatilities on Shelton International and Nationwide Bailard 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 Shelton International with a short position of Nationwide Bailard. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shelton International and Nationwide Bailard.
Diversification Opportunities for Shelton International and Nationwide Bailard
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shelton and Nationwide is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Shelton International Select and Nationwide Bailard Internation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nationwide Bailard and Shelton International 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 Shelton International Select are associated (or correlated) with Nationwide Bailard. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nationwide Bailard has no effect on the direction of Shelton International i.e., Shelton International and Nationwide Bailard go up and down completely randomly.
Pair Corralation between Shelton International and Nationwide Bailard
Assuming the 90 days horizon Shelton International Select is expected to generate 1.02 times more return on investment than Nationwide Bailard. However, Shelton International is 1.02 times more volatile than Nationwide Bailard International. It trades about 0.15 of its potential returns per unit of risk. Nationwide Bailard International is currently generating about 0.13 per unit of risk. If you would invest 2,397 in Shelton International Select on April 1, 2025 and sell it today you would earn a total of 297.00 from holding Shelton International Select or generate 12.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shelton International Select vs. Nationwide Bailard Internation
Performance |
| Timeline |
| Shelton International |
| Nationwide Bailard |
Shelton International and Nationwide Bailard Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shelton International and Nationwide Bailard
The main advantage of trading using opposite Shelton International and Nationwide Bailard positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shelton International position performs unexpectedly, Nationwide Bailard 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 Nationwide Bailard will offset losses from the drop in Nationwide Bailard's long position.| Shelton International vs. Baron International Growth | Shelton International vs. Shelton International Select | Shelton International vs. Davis International Fund | Shelton International vs. Blackrock Intl A |
| Nationwide Bailard vs. Gmo Emerging Markets | Nationwide Bailard vs. Rbc Emerging Markets | Nationwide Bailard vs. Calvert Developed Market | Nationwide Bailard vs. Ep Emerging Markets |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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