Correlation Between Mainstay Map and Mainstay Moderate
Can any of the company-specific risk be diversified away by investing in both Mainstay Map and Mainstay Moderate 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 Map and Mainstay Moderate into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Map Equity and Mainstay Moderate Etf, you can compare the effects of market volatilities on Mainstay Map and Mainstay Moderate 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 Map with a short position of Mainstay Moderate. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Map and Mainstay Moderate.
Diversification Opportunities for Mainstay Map and Mainstay Moderate
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 Map Equity and Mainstay Moderate Etf in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Moderate Etf and Mainstay Map 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 Map Equity are associated (or correlated) with Mainstay Moderate. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Moderate Etf has no effect on the direction of Mainstay Map i.e., Mainstay Map and Mainstay Moderate go up and down completely randomly.
Pair Corralation between Mainstay Map and Mainstay Moderate
If you would invest 1,283 in Mainstay Moderate Etf on August 24, 2024 and sell it today you would earn a total of 11.00 from holding Mainstay Moderate Etf or generate 0.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Mainstay Map Equity vs. Mainstay Moderate Etf
Performance |
| Timeline |
| Mainstay Map Equity |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| Mainstay Moderate Etf |
Mainstay Map and Mainstay Moderate Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Map and Mainstay Moderate
The main advantage of trading using opposite Mainstay Map and Mainstay Moderate positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Map position performs unexpectedly, Mainstay Moderate 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 Moderate will offset losses from the drop in Mainstay Moderate's long position.| Mainstay Map vs. Hennessy Technology Fund | Mainstay Map vs. Pgim Jennison Technology | Mainstay Map vs. Allianzgi Technology Fund | Mainstay Map vs. Biotechnology Ultrasector Profund |
| Mainstay Moderate vs. Us Government Securities | Mainstay Moderate vs. John Hancock Government | Mainstay Moderate vs. Blackrock Government Bond | Mainstay Moderate vs. Invesco Government Fund |
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 Stocks Directory module to find actively traded stocks across global markets.
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