Correlation Between Fidelity Series and Mainstay Epoch
Can any of the company-specific risk be diversified away by investing in both Fidelity Series and Mainstay Epoch 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 Fidelity Series and Mainstay Epoch into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fidelity Series 1000 and Mainstay Epoch Global, you can compare the effects of market volatilities on Fidelity Series and Mainstay Epoch 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 Fidelity Series with a short position of Mainstay Epoch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Series and Mainstay Epoch.
Diversification Opportunities for Fidelity Series and Mainstay Epoch
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Fidelity and Mainstay is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Series 1000 and Mainstay Epoch Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Epoch Global and Fidelity Series 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 Fidelity Series 1000 are associated (or correlated) with Mainstay Epoch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Epoch Global has no effect on the direction of Fidelity Series i.e., Fidelity Series and Mainstay Epoch go up and down completely randomly.
Pair Corralation between Fidelity Series and Mainstay Epoch
Assuming the 90 days horizon Fidelity Series 1000 is expected to generate 0.78 times more return on investment than Mainstay Epoch. However, Fidelity Series 1000 is 1.28 times less risky than Mainstay Epoch. It trades about 0.05 of its potential returns per unit of risk. Mainstay Epoch Global is currently generating about -0.1 per unit of risk. If you would invest 1,658 in Fidelity Series 1000 on September 12, 2024 and sell it today you would earn a total of 38.00 from holding Fidelity Series 1000 or generate 2.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
Fidelity Series 1000 vs. Mainstay Epoch Global
Performance |
| Timeline |
| Fidelity Series 1000 |
| Mainstay Epoch Global |
Fidelity Series and Mainstay Epoch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Series and Mainstay Epoch
The main advantage of trading using opposite Fidelity Series and Mainstay Epoch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Series position performs unexpectedly, Mainstay Epoch 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 Epoch will offset losses from the drop in Mainstay Epoch's long position.| Fidelity Series vs. Balanced Fund Investor | Fidelity Series vs. Small Cap Stock | Fidelity Series vs. Issachar Fund Class | Fidelity Series vs. Rbb Fund |
| Mainstay Epoch vs. Aig Government Money | Mainstay Epoch vs. Ab Government Exchange | Mainstay Epoch vs. Schwab Treasury Money | Mainstay Epoch vs. Hewitt Money Market |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |