Correlation Between James Balanced and Mainstay Cushing
Can any of the company-specific risk be diversified away by investing in both James Balanced 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 James Balanced and Mainstay Cushing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between James Balanced Golden and Mainstay Cushing Energy, you can compare the effects of market volatilities on James Balanced 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 James Balanced with a short position of Mainstay Cushing. Check out your portfolio center. Please also check ongoing floating volatility patterns of James Balanced and Mainstay Cushing.
Diversification Opportunities for James Balanced and Mainstay Cushing
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between James and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding James Balanced Golden 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 James Balanced 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 James Balanced Golden 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 James Balanced i.e., James Balanced and Mainstay Cushing go up and down completely randomly.
Pair Corralation between James Balanced and Mainstay Cushing
If you would invest (100.00) in Mainstay Cushing Energy on September 12, 2024 and sell it today you would earn a total of 100.00 from holding Mainstay Cushing Energy or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
James Balanced Golden vs. Mainstay Cushing Energy
Performance |
| Timeline |
| James Balanced Golden |
| Mainstay Cushing Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
James Balanced and Mainstay Cushing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with James Balanced and Mainstay Cushing
The main advantage of trading using opposite James Balanced and Mainstay Cushing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if James Balanced 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.| James Balanced vs. Vanguard Wellesley Income | James Balanced vs. Vanguard Wellesley Income | James Balanced vs. Blackrock Multi Asset Income | James Balanced vs. The Hartford Balanced |
| Mainstay Cushing vs. Highland Longshort Healthcare | Mainstay Cushing vs. Hartford Healthcare Hls | Mainstay Cushing vs. The Gabelli Healthcare | Mainstay Cushing vs. Live Oak Health |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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