Correlation Between General Money and Bny Mellon
Can any of the company-specific risk be diversified away by investing in both General Money and Bny Mellon 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 General Money and Bny Mellon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between General Money Market and Bny Mellon Emerging, you can compare the effects of market volatilities on General Money and Bny Mellon 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 General Money with a short position of Bny Mellon. Check out your portfolio center. Please also check ongoing floating volatility patterns of General Money and Bny Mellon.
Diversification Opportunities for General Money and Bny Mellon
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between General and Bny is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding General Money Market and Bny Mellon Emerging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bny Mellon Emerging and General Money 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 General Money Market are associated (or correlated) with Bny Mellon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bny Mellon Emerging has no effect on the direction of General Money i.e., General Money and Bny Mellon go up and down completely randomly.
Pair Corralation between General Money and Bny Mellon
If you would invest 100.00 in General Money Market on September 5, 2024 and sell it today you would earn a total of 0.00 from holding General Money Market or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
General Money Market vs. Bny Mellon Emerging
Performance |
| Timeline |
| General Money Market |
| Bny Mellon Emerging |
General Money and Bny Mellon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with General Money and Bny Mellon
The main advantage of trading using opposite General Money and Bny Mellon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if General Money position performs unexpectedly, Bny Mellon 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 Bny Mellon will offset losses from the drop in Bny Mellon's long position.| General Money vs. Ab Global Bond | General Money vs. Qs Global Equity | General Money vs. Mirova Global Green | General Money vs. Artisan Global Unconstrained |
| Bny Mellon vs. Transamerica Funds | Bny Mellon vs. John Hancock Money | Bny Mellon vs. General Money Market | Bny Mellon vs. Franklin Government Money |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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