Correlation Between Thornburg International and Doubleline Core
Can any of the company-specific risk be diversified away by investing in both Thornburg International 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 Thornburg International and Doubleline Core into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thornburg International Value and Doubleline E Fixed, you can compare the effects of market volatilities on Thornburg International 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 Thornburg International with a short position of Doubleline Core. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thornburg International and Doubleline Core.
Diversification Opportunities for Thornburg International and Doubleline Core
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Thornburg and Doubleline is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Thornburg International Value and Doubleline E Fixed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Doubleline E Fixed and Thornburg 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 Thornburg International Value 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 E Fixed has no effect on the direction of Thornburg International i.e., Thornburg International and Doubleline Core go up and down completely randomly.
Pair Corralation between Thornburg International and Doubleline Core
Assuming the 90 days horizon Thornburg International Value is expected to generate 4.26 times more return on investment than Doubleline Core. However, Thornburg International is 4.26 times more volatile than Doubleline E Fixed. It trades about 0.15 of its potential returns per unit of risk. Doubleline E Fixed is currently generating about 0.05 per unit of risk. If you would invest 3,144 in Thornburg International Value on September 6, 2025 and sell it today you would earn a total of 217.00 from holding Thornburg International Value or generate 6.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thornburg International Value vs. Doubleline E Fixed
Performance |
| Timeline |
| Thornburg International |
| Doubleline E Fixed |
Thornburg International and Doubleline Core Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thornburg International and Doubleline Core
The main advantage of trading using opposite Thornburg International and Doubleline Core positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thornburg International 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.| Thornburg International vs. Federated Short Term Income | Thornburg International vs. Alpine Ultra Short | Thornburg International vs. Ab Select Longshort | Thornburg International vs. Siit Ultra Short |
| Doubleline Core vs. Aig Government Money | Doubleline Core vs. Pace Municipal Fixed | Doubleline Core vs. Virtus Seix Government | Doubleline Core vs. Equalize Community Development |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |