Correlation Between Mainstay Convertible and Ubs All
Can any of the company-specific risk be diversified away by investing in both Mainstay Convertible and Ubs All 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 Convertible and Ubs All into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Vertible Fund and Ubs All China, you can compare the effects of market volatilities on Mainstay Convertible and Ubs All 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 Convertible with a short position of Ubs All. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Convertible and Ubs All.
Diversification Opportunities for Mainstay Convertible and Ubs All
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mainstay and Ubs is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Vertible Fund and Ubs All China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ubs All China and Mainstay Convertible 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 Vertible Fund are associated (or correlated) with Ubs All. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ubs All China has no effect on the direction of Mainstay Convertible i.e., Mainstay Convertible and Ubs All go up and down completely randomly.
Pair Corralation between Mainstay Convertible and Ubs All
If you would invest 1,883 in Mainstay Vertible Fund on October 25, 2024 and sell it today you would earn a total of 28.00 from holding Mainstay Vertible Fund or generate 1.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mainstay Vertible Fund vs. Ubs All China
Performance |
| Timeline |
| Mainstay Convertible |
| Ubs All China |
Mainstay Convertible and Ubs All Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Convertible and Ubs All
The main advantage of trading using opposite Mainstay Convertible and Ubs All positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Convertible position performs unexpectedly, Ubs All 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 Ubs All will offset losses from the drop in Ubs All's long position.| Mainstay Convertible vs. Mainstay High Yield | Mainstay Convertible vs. Mainstay Income Builder | Mainstay Convertible vs. Mainstay Sp 500 | Mainstay Convertible vs. Mainstay Large Cap |
| Ubs All vs. Financials Ultrasector Profund | Ubs All vs. Prudential Financial Services | Ubs All vs. Angel Oak Financial | Ubs All vs. Fidelity Advisor Financial |
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 Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| CEOs Directory Screen CEOs from public companies around the world |