Correlation Between Fisher Small and Mainstay Growth
Can any of the company-specific risk be diversified away by investing in both Fisher Small and Mainstay Growth 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 Fisher Small and Mainstay Growth into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fisher Small Cap and Mainstay Growth Etf, you can compare the effects of market volatilities on Fisher Small and Mainstay Growth 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 Fisher Small with a short position of Mainstay Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fisher Small and Mainstay Growth.
Diversification Opportunities for Fisher Small and Mainstay Growth
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Fisher and Mainstay is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Fisher Small Cap and Mainstay Growth Etf in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Growth Etf and Fisher Small 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 Fisher Small Cap are associated (or correlated) with Mainstay Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Growth Etf has no effect on the direction of Fisher Small i.e., Fisher Small and Mainstay Growth go up and down completely randomly.
Pair Corralation between Fisher Small and Mainstay Growth
Assuming the 90 days horizon Fisher Small Cap is expected to generate 2.3 times more return on investment than Mainstay Growth. However, Fisher Small is 2.3 times more volatile than Mainstay Growth Etf. It trades about 0.15 of its potential returns per unit of risk. Mainstay Growth Etf is currently generating about 0.17 per unit of risk. If you would invest 1,176 in Fisher Small Cap on September 12, 2024 and sell it today you would earn a total of 140.00 from holding Fisher Small Cap or generate 11.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fisher Small Cap vs. Mainstay Growth Etf
Performance |
| Timeline |
| Fisher Small Cap |
| Mainstay Growth Etf |
Fisher Small and Mainstay Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fisher Small and Mainstay Growth
The main advantage of trading using opposite Fisher Small and Mainstay Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fisher Small position performs unexpectedly, Mainstay Growth 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 Growth will offset losses from the drop in Mainstay Growth's long position.| Fisher Small vs. Putnam Convertible Incm Gwth | Fisher Small vs. Lord Abbett Convertible | Fisher Small vs. Absolute Convertible Arbitrage | Fisher Small vs. Fidelity Sai Convertible |
| Mainstay Growth vs. Shelton Emerging Markets | Mainstay Growth vs. Black Oak Emerging | Mainstay Growth vs. Vy Jpmorgan Emerging | Mainstay Growth vs. Pnc Emerging Markets |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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