Correlation Between Virtus High and Fidelity American
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By analyzing existing cross correlation between Virtus High Yield and Fidelity American High, you can compare the effects of market volatilities on Virtus High and Fidelity American 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 Virtus High with a short position of Fidelity American. Check out your portfolio center. Please also check ongoing floating volatility patterns of Virtus High and Fidelity American.
Diversification Opportunities for Virtus High and Fidelity American
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Virtus and Fidelity is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Virtus High Yield and Fidelity American High in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity American High and Virtus High 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 Virtus High Yield are associated (or correlated) with Fidelity American. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity American High has no effect on the direction of Virtus High i.e., Virtus High and Fidelity American go up and down completely randomly.
Pair Corralation between Virtus High and Fidelity American
Assuming the 90 days horizon Virtus High Yield is expected to generate 1.64 times more return on investment than Fidelity American. However, Virtus High is 1.64 times more volatile than Fidelity American High. It trades about 0.22 of its potential returns per unit of risk. Fidelity American High is currently generating about 0.29 per unit of risk. If you would invest 378.00 in Virtus High Yield on June 10, 2025 and sell it today you would earn a total of 11.00 from holding Virtus High Yield or generate 2.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 98.39% |
| Values | Daily Returns |
Virtus High Yield vs. Fidelity American High
Performance |
| Timeline |
| Virtus High Yield |
| Fidelity American High |
Virtus High and Fidelity American Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Virtus High and Fidelity American
The main advantage of trading using opposite Virtus High and Fidelity American positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Virtus High position performs unexpectedly, Fidelity American 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 Fidelity American will offset losses from the drop in Fidelity American's long position.| Virtus High vs. Dreyfus High Yield | Virtus High vs. Blackrock High Yield | Virtus High vs. Jpmorgan High Yield | Virtus High vs. Federated High Yield |
| Fidelity American vs. Neuberger Berman High | Fidelity American vs. Thrivent High Yield | Fidelity American vs. Morningstar Unconstrained Allocation | Fidelity American vs. Via Renewables |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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