Correlation Between Astor Long/short and Mainstay Cushing
Can any of the company-specific risk be diversified away by investing in both Astor Long/short 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 Astor Long/short and Mainstay Cushing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astor Longshort Fund and Mainstay Cushing Energy, you can compare the effects of market volatilities on Astor Long/short 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 Astor Long/short with a short position of Mainstay Cushing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astor Long/short and Mainstay Cushing.
Diversification Opportunities for Astor Long/short and Mainstay Cushing
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Astor and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Astor Longshort 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 Astor Long/short 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 Astor Longshort 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 Astor Long/short i.e., Astor Long/short and Mainstay Cushing go up and down completely randomly.
Pair Corralation between Astor Long/short and Mainstay Cushing
If you would invest 1,230 in Astor Longshort Fund on September 3, 2024 and sell it today you would earn a total of 201.00 from holding Astor Longshort Fund or generate 16.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Astor Longshort Fund vs. Mainstay Cushing Energy
Performance |
| Timeline |
| Astor Long/short |
| Mainstay Cushing Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Astor Long/short and Mainstay Cushing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Astor Long/short and Mainstay Cushing
The main advantage of trading using opposite Astor Long/short and Mainstay Cushing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astor Long/short 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.| Astor Long/short vs. Fpa Queens Road | Astor Long/short vs. American Century Etf | Astor Long/short vs. Mutual Of America | Astor Long/short vs. Mid Cap Value Profund |
| Mainstay Cushing vs. Quantitative Longshort Equity | Mainstay Cushing vs. Maryland Short Term Tax Free | Mainstay Cushing vs. Astor Longshort Fund | Mainstay Cushing vs. Siit Ultra Short |
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 Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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