Correlation Between Live Oak and Mainstay Cushing
Can any of the company-specific risk be diversified away by investing in both Live Oak 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 Live Oak and Mainstay Cushing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Live Oak Health and Mainstay Cushing Energy, you can compare the effects of market volatilities on Live Oak 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 Live Oak with a short position of Mainstay Cushing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Live Oak and Mainstay Cushing.
Diversification Opportunities for Live Oak and Mainstay Cushing
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Live and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Live Oak Health 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 Live Oak 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 Live Oak Health 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 Live Oak i.e., Live Oak and Mainstay Cushing go up and down completely randomly.
Pair Corralation between Live Oak and Mainstay Cushing
If you would invest (100.00) in Mainstay Cushing Energy on September 13, 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 |
Live Oak Health vs. Mainstay Cushing Energy
Performance |
| Timeline |
| Live Oak Health |
| Mainstay Cushing Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Live Oak and Mainstay Cushing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Live Oak and Mainstay Cushing
The main advantage of trading using opposite Live Oak and Mainstay Cushing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Live Oak 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.| Live Oak vs. Black Oak Emerging | Live Oak vs. Pin Oak Equity | Live Oak vs. Red Oak Technology | Live Oak vs. White Oak Select |
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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 Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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