Correlation Between Thornburg Intermediate and Access Capital
Can any of the company-specific risk be diversified away by investing in both Thornburg Intermediate and Access Capital 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 Intermediate and Access Capital into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thornburg Intermediate Municipal and Access Capital Munity, you can compare the effects of market volatilities on Thornburg Intermediate and Access Capital 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 Intermediate with a short position of Access Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thornburg Intermediate and Access Capital.
Diversification Opportunities for Thornburg Intermediate and Access Capital
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Thornburg and Access is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Thornburg Intermediate Municip and Access Capital Munity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Access Capital Munity and Thornburg Intermediate 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 Intermediate Municipal are associated (or correlated) with Access Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Access Capital Munity has no effect on the direction of Thornburg Intermediate i.e., Thornburg Intermediate and Access Capital go up and down completely randomly.
Pair Corralation between Thornburg Intermediate and Access Capital
Assuming the 90 days horizon Thornburg Intermediate Municipal is expected to generate 0.57 times more return on investment than Access Capital. However, Thornburg Intermediate Municipal is 1.74 times less risky than Access Capital. It trades about 0.39 of its potential returns per unit of risk. Access Capital Munity is currently generating about 0.19 per unit of risk. If you would invest 1,288 in Thornburg Intermediate Municipal on August 28, 2025 and sell it today you would earn a total of 41.00 from holding Thornburg Intermediate Municipal or generate 3.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thornburg Intermediate Municip vs. Access Capital Munity
Performance |
| Timeline |
| Thornburg Intermediate |
| Access Capital Munity |
Thornburg Intermediate and Access Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thornburg Intermediate and Access Capital
The main advantage of trading using opposite Thornburg Intermediate and Access Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thornburg Intermediate position performs unexpectedly, Access Capital 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 Access Capital will offset losses from the drop in Access Capital's long position.The idea behind Thornburg Intermediate Municipal and Access Capital Munity pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
| Access Capital vs. Maryland Tax Free Bond | Access Capital vs. Alliancebernstein National Municipalome | Access Capital vs. Enhanced Fixed Income | Access Capital vs. Franklin Adjustable Government |
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
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |