Correlation Between Goldman Sachs and Mainstay Cushing
Can any of the company-specific risk be diversified away by investing in both Goldman Sachs 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 Goldman Sachs and Mainstay Cushing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Goldman Sachs Financial and Mainstay Cushing Mlp, you can compare the effects of market volatilities on Goldman Sachs 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 Goldman Sachs with a short position of Mainstay Cushing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goldman Sachs and Mainstay Cushing.
Diversification Opportunities for Goldman Sachs and Mainstay Cushing
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Goldman and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Goldman Sachs Financial and Mainstay Cushing Mlp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Cushing Mlp and Goldman Sachs 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 Goldman Sachs Financial 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 Mlp has no effect on the direction of Goldman Sachs i.e., Goldman Sachs and Mainstay Cushing go up and down completely randomly.
Pair Corralation between Goldman Sachs and Mainstay Cushing
If you would invest 1,237 in Mainstay Cushing Mlp on September 14, 2024 and sell it today you would earn a total of 17.00 from holding Mainstay Cushing Mlp or generate 1.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Goldman Sachs Financial vs. Mainstay Cushing Mlp
Performance |
| Timeline |
| Goldman Sachs Financial |
| Mainstay Cushing Mlp |
Goldman Sachs and Mainstay Cushing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goldman Sachs and Mainstay Cushing
The main advantage of trading using opposite Goldman Sachs and Mainstay Cushing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goldman Sachs 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.| Goldman Sachs vs. Vanguard Total Stock | Goldman Sachs vs. Vanguard 500 Index | Goldman Sachs vs. Vanguard Total Stock | Goldman Sachs vs. Vanguard Total Stock |
| Mainstay Cushing vs. Prudential Jennison Financial | Mainstay Cushing vs. Davis Financial Fund | Mainstay Cushing vs. Fidelity Advisor Financial | Mainstay Cushing vs. Goldman Sachs Financial |
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 Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |