Correlation Between Baldwin Lyons and Voya Financial
Can any of the company-specific risk be diversified away by investing in both Baldwin Lyons and Voya Financial 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 Baldwin Lyons and Voya Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Baldwin Lyons and Voya Financial, you can compare the effects of market volatilities on Baldwin Lyons and Voya Financial 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 Baldwin Lyons with a short position of Voya Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Baldwin Lyons and Voya Financial.
Diversification Opportunities for Baldwin Lyons and Voya Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Baldwin and Voya is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Baldwin Lyons and Voya Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Financial and Baldwin Lyons 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 Baldwin Lyons are associated (or correlated) with Voya Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Financial has no effect on the direction of Baldwin Lyons i.e., Baldwin Lyons and Voya Financial go up and down completely randomly.
Pair Corralation between Baldwin Lyons and Voya Financial
If you would invest (100.00) in Baldwin Lyons on January 25, 2024 and sell it today you would earn a total of 100.00 from holding Baldwin Lyons or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Baldwin Lyons vs. Voya Financial
Performance |
| Timeline |
| Baldwin Lyons |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Voya Financial |
Baldwin Lyons and Voya Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Baldwin Lyons and Voya Financial
The main advantage of trading using opposite Baldwin Lyons and Voya Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Baldwin Lyons position performs unexpectedly, Voya Financial 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 Voya Financial will offset losses from the drop in Voya Financial's long position.| Baldwin Lyons vs. Glacier Bancorp | Baldwin Lyons vs. Coupang LLC | Baldwin Lyons vs. Mill City Ventures | Baldwin Lyons vs. Getty Realty |
| Voya Financial vs. Federal Agricultural Mortgage | Voya Financial vs. Federal Agricultural Mortgage | Voya Financial vs. Atlanticus Holdings Corp | Voya Financial vs. Nelnet Inc |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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