Correlation Between Blackstone and Manning Napier
Can any of the company-specific risk be diversified away by investing in both Blackstone and Manning Napier 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 Blackstone and Manning Napier into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Blackstone Group and Manning Napier, you can compare the effects of market volatilities on Blackstone and Manning Napier 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 Blackstone with a short position of Manning Napier. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blackstone and Manning Napier.
Diversification Opportunities for Blackstone and Manning Napier
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Blackstone and Manning is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Blackstone Group and Manning Napier in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manning Napier and Blackstone 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 Blackstone Group are associated (or correlated) with Manning Napier. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manning Napier has no effect on the direction of Blackstone i.e., Blackstone and Manning Napier go up and down completely randomly.
Pair Corralation between Blackstone and Manning Napier
If you would invest 11,972 in Blackstone Group on January 24, 2024 and sell it today you would earn a total of 237.00 from holding Blackstone Group or generate 1.98% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 1.59% |
Values | Daily Returns |
Blackstone Group vs. Manning Napier
Performance |
Timeline |
Blackstone Group |
Manning Napier |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Blackstone and Manning Napier Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Blackstone and Manning Napier
The main advantage of trading using opposite Blackstone and Manning Napier positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blackstone position performs unexpectedly, Manning Napier 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 Manning Napier will offset losses from the drop in Manning Napier's long position.Blackstone vs. T Rowe Price | Blackstone vs. State Street Corp | Blackstone vs. KKR Co LP | Blackstone vs. Brookfield Asset Management |
Manning Napier vs. Park Ohio Holdings | Manning Napier vs. SkyWest | Manning Napier vs. Southwest Airlines | Manning Napier vs. Aegean Airlines SA |
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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