Correlation Between Mainstay Epoch and Mainstay Cushing
Can any of the company-specific risk be diversified away by investing in both Mainstay Epoch 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 Mainstay Epoch and Mainstay Cushing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Epoch International and Mainstay Cushing Energy, you can compare the effects of market volatilities on Mainstay Epoch 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 Mainstay Epoch with a short position of Mainstay Cushing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Epoch and Mainstay Cushing.
Diversification Opportunities for Mainstay Epoch and Mainstay Cushing
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mainstay and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Epoch International 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 Mainstay Epoch 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 Mainstay Epoch International 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 Mainstay Epoch i.e., Mainstay Epoch and Mainstay Cushing go up and down completely randomly.
Pair Corralation between Mainstay Epoch and Mainstay Cushing
If you would invest (100.00) in Mainstay Cushing Energy on September 4, 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 |
Mainstay Epoch International vs. Mainstay Cushing Energy
Performance |
| Timeline |
| Mainstay Epoch Inter |
| Mainstay Cushing Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Mainstay Epoch and Mainstay Cushing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Epoch and Mainstay Cushing
The main advantage of trading using opposite Mainstay Epoch and Mainstay Cushing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Epoch 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.| Mainstay Epoch vs. Lord Abbett Small | Mainstay Epoch vs. Pace Smallmedium Value | Mainstay Epoch vs. Mid Cap Value Profund | Mainstay Epoch vs. Royce Opportunity Fund |
| Mainstay Cushing vs. Wilmington Funds | Mainstay Cushing vs. Prudential Government Money | Mainstay Cushing vs. Elfun Government Money | Mainstay Cushing vs. Wells Fargo Funds |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |