Correlation Between Elbit Imaging and Mainstay Cbre
Can any of the company-specific risk be diversified away by investing in both Elbit Imaging and Mainstay Cbre 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 Elbit Imaging and Mainstay Cbre into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Elbit Imaging and Mainstay Cbre Real, you can compare the effects of market volatilities on Elbit Imaging and Mainstay Cbre 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 Elbit Imaging with a short position of Mainstay Cbre. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elbit Imaging and Mainstay Cbre.
Diversification Opportunities for Elbit Imaging and Mainstay Cbre
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Elbit and Mainstay is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Elbit Imaging and Mainstay Cbre Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Cbre Real and Elbit Imaging 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 Elbit Imaging are associated (or correlated) with Mainstay Cbre. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Cbre Real has no effect on the direction of Elbit Imaging i.e., Elbit Imaging and Mainstay Cbre go up and down completely randomly.
Pair Corralation between Elbit Imaging and Mainstay Cbre
If you would invest 874.00 in Mainstay Cbre Real on August 30, 2024 and sell it today you would earn a total of 20.00 from holding Mainstay Cbre Real or generate 2.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Elbit Imaging vs. Mainstay Cbre Real
Performance |
| Timeline |
| Elbit Imaging |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Mainstay Cbre Real |
Elbit Imaging and Mainstay Cbre Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elbit Imaging and Mainstay Cbre
The main advantage of trading using opposite Elbit Imaging and Mainstay Cbre positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elbit Imaging position performs unexpectedly, Mainstay Cbre 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 Cbre will offset losses from the drop in Mainstay Cbre's long position.| Elbit Imaging vs. Edwards Lifesciences Corp | Elbit Imaging vs. Medtronic PLC | Elbit Imaging vs. Abbott Laboratories | Elbit Imaging vs. Boston Scientific Corp |
| Mainstay Cbre vs. Massmutual Premier Diversified | Mainstay Cbre vs. Vanguard Strategic Small Cap | Mainstay Cbre vs. Delaware Limited Term Diversified | Mainstay Cbre vs. American Century Diversified |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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