Correlation Between Global Gold and Mainstay Cushing
Can any of the company-specific risk be diversified away by investing in both Global Gold and Mainstay Cushing 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 Global Gold and Mainstay Cushing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Global Gold Fund and Mainstay Cushing Energy, you can compare the effects of market volatilities on Global Gold and Mainstay Cushing 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 Global Gold with a short position of Mainstay Cushing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Gold and Mainstay Cushing.
Diversification Opportunities for Global Gold and Mainstay Cushing
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GLOBAL and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Global Gold Fund and Mainstay Cushing Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Cushing Energy and Global Gold 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 Global Gold Fund are associated (or correlated) with Mainstay Cushing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Cushing Energy has no effect on the direction of Global Gold i.e., Global Gold and Mainstay Cushing go up and down completely randomly.
Pair Corralation between Global Gold and Mainstay Cushing
If you would invest 1,006 in Global Gold Fund on September 4, 2024 and sell it today you would earn a total of 349.00 from holding Global Gold Fund or generate 34.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Global Gold Fund vs. Mainstay Cushing Energy
Performance |
| Timeline |
| Global Gold Fund |
| Mainstay Cushing Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Global Gold and Mainstay Cushing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Global Gold and Mainstay Cushing
The main advantage of trading using opposite Global Gold and Mainstay Cushing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Gold position performs unexpectedly, Mainstay Cushing 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 Mainstay Cushing will offset losses from the drop in Mainstay Cushing's long position.| Global Gold vs. Putnam Convertible Incm Gwth | Global Gold vs. Rationalpier 88 Convertible | Global Gold vs. Advent Claymore Convertible | Global Gold vs. Gabelli Convertible And |
| Mainstay Cushing vs. Sprott Gold Equity | Mainstay Cushing vs. Goldman Sachs Short | Mainstay Cushing vs. Global Gold Fund | Mainstay Cushing vs. James Balanced Golden |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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