Correlation Between Asg Managed and Mainstay Moderate
Can any of the company-specific risk be diversified away by investing in both Asg Managed and Mainstay Moderate 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 Asg Managed and Mainstay Moderate into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Asg Managed Futures and Mainstay Moderate Etf, you can compare the effects of market volatilities on Asg Managed and Mainstay Moderate 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 Asg Managed with a short position of Mainstay Moderate. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asg Managed and Mainstay Moderate.
Diversification Opportunities for Asg Managed and Mainstay Moderate
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Asg and Mainstay is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Asg Managed Futures and Mainstay Moderate Etf in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Moderate Etf and Asg Managed 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 Asg Managed Futures are associated (or correlated) with Mainstay Moderate. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Moderate Etf has no effect on the direction of Asg Managed i.e., Asg Managed and Mainstay Moderate go up and down completely randomly.
Pair Corralation between Asg Managed and Mainstay Moderate
Assuming the 90 days horizon Asg Managed Futures is expected to under-perform the Mainstay Moderate. In addition to that, Asg Managed is 1.35 times more volatile than Mainstay Moderate Etf. It trades about -0.11 of its total potential returns per unit of risk. Mainstay Moderate Etf is currently generating about 0.13 per unit of volatility. If you would invest 1,212 in Mainstay Moderate Etf on September 2, 2024 and sell it today you would earn a total of 116.00 from holding Mainstay Moderate Etf or generate 9.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Asg Managed Futures vs. Mainstay Moderate Etf
Performance |
| Timeline |
| Asg Managed Futures |
| Mainstay Moderate Etf |
Asg Managed and Mainstay Moderate Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Asg Managed and Mainstay Moderate
The main advantage of trading using opposite Asg Managed and Mainstay Moderate positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asg Managed position performs unexpectedly, Mainstay Moderate 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 Moderate will offset losses from the drop in Mainstay Moderate's long position.| Asg Managed vs. Asg Managed Futures | Asg Managed vs. Natixis Oakmark | Asg Managed vs. Natixis Oakmark International | Asg Managed vs. Natixis Oakmark International |
| Mainstay Moderate vs. Mainstay High Yield | Mainstay Moderate vs. Mainstay Tax Free | Mainstay Moderate vs. Mainstay Income Builder | Mainstay Moderate vs. Mainstay Large Cap |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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