Correlation Between Catalyst Exceed and Massmutual Premier
Can any of the company-specific risk be diversified away by investing in both Catalyst Exceed and Massmutual Premier 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 Catalyst Exceed and Massmutual Premier into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Catalyst Exceed Defined and Massmutual Premier High, you can compare the effects of market volatilities on Catalyst Exceed and Massmutual Premier 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 Catalyst Exceed with a short position of Massmutual Premier. Check out your portfolio center. Please also check ongoing floating volatility patterns of Catalyst Exceed and Massmutual Premier.
Diversification Opportunities for Catalyst Exceed and Massmutual Premier
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Catalyst and Massmutual is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Catalyst Exceed Defined and Massmutual Premier High in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Massmutual Premier High and Catalyst Exceed 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 Catalyst Exceed Defined are associated (or correlated) with Massmutual Premier. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Massmutual Premier High has no effect on the direction of Catalyst Exceed i.e., Catalyst Exceed and Massmutual Premier go up and down completely randomly.
Pair Corralation between Catalyst Exceed and Massmutual Premier
Assuming the 90 days horizon Catalyst Exceed is expected to generate 1.82 times less return on investment than Massmutual Premier. In addition to that, Catalyst Exceed is 4.39 times more volatile than Massmutual Premier High. It trades about 0.02 of its total potential returns per unit of risk. Massmutual Premier High is currently generating about 0.18 per unit of volatility. If you would invest 728.00 in Massmutual Premier High on December 12, 2024 and sell it today you would earn a total of 81.00 from holding Massmutual Premier High or generate 11.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Catalyst Exceed Defined vs. Massmutual Premier High
Performance |
| Timeline |
| Catalyst Exceed Defined |
| Massmutual Premier High |
Catalyst Exceed and Massmutual Premier Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Catalyst Exceed and Massmutual Premier
The main advantage of trading using opposite Catalyst Exceed and Massmutual Premier positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Catalyst Exceed position performs unexpectedly, Massmutual Premier 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 Massmutual Premier will offset losses from the drop in Massmutual Premier's long position.| Catalyst Exceed vs. Boston Partners Small | ||
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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