Pair Correlation Between BlackRock MuniYield and Otis Gold

This module allows you to analyze existing cross correlation between BlackRock MuniYield Investment Quality Fund and Otis Gold Corp. You can compare the effects of market volatilities on BlackRock MuniYield and Otis Gold 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 BlackRock MuniYield with a short position of Otis Gold. See also your portfolio center. Please also check ongoing floating volatility patterns of BlackRock MuniYield and Otis Gold.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 BlackRock MuniYield Investment  vs   Otis Gold Corp
 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, BlackRock MuniYield Investment Quality Fund is expected to under-perform the Otis Gold. But the stock apears to be less risky and, when comparing its historical volatility, BlackRock MuniYield Investment Quality Fund is 21.47 times less risky than Otis Gold. The stock trades about -0.17 of its potential returns per unit of risk. The Otis Gold Corp is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest  22  in Otis Gold Corp on September 21, 2017 and sell it today you would earn a total of  1  from holding Otis Gold Corp or generate 4.55% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BlackRock MuniYield and Otis Gold
0.33

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy4.1%
ValuesDaily Returns

Diversification

Weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding BlackRock MuniYield Investment and Otis Gold Corp in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Otis Gold Corp and BlackRock MuniYield 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 BlackRock MuniYield Investment Quality Fund are associated (or correlated) with Otis Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Otis Gold Corp has no effect on the direction of BlackRock MuniYield i.e. BlackRock MuniYield and Otis Gold go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

BlackRock MuniYield

  
0 

Risk-Adjusted Performance

Over the last 30 days BlackRock MuniYield Investment Quality Fund has generated negative risk-adjusted returns adding no value to investors with long positions.

Otis Gold Corp

  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Otis Gold Corp are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.