Correlation Between Mainstay Moderate and Blackrock
Can any of the company-specific risk be diversified away by investing in both Mainstay Moderate and Blackrock 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 Moderate and Blackrock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Moderate Etf and Blackrock Bd Fd, you can compare the effects of market volatilities on Mainstay Moderate and Blackrock 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 Moderate with a short position of Blackrock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Moderate and Blackrock.
Diversification Opportunities for Mainstay Moderate and Blackrock
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Mainstay and Blackrock is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Moderate Etf and Blackrock Bd Fd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackrock Bd Fd and Mainstay Moderate 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 Moderate Etf are associated (or correlated) with Blackrock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackrock Bd Fd has no effect on the direction of Mainstay Moderate i.e., Mainstay Moderate and Blackrock go up and down completely randomly.
Pair Corralation between Mainstay Moderate and Blackrock
Assuming the 90 days horizon Mainstay Moderate Etf is expected to under-perform the Blackrock. In addition to that, Mainstay Moderate is 1.54 times more volatile than Blackrock Bd Fd. It trades about -0.14 of its total potential returns per unit of risk. Blackrock Bd Fd is currently generating about 0.22 per unit of volatility. If you would invest 975.00 in Blackrock Bd Fd on December 2, 2024 and sell it today you would earn a total of 14.00 from holding Blackrock Bd Fd or generate 1.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mainstay Moderate Etf vs. Blackrock Bd Fd
Performance |
| Timeline |
| Mainstay Moderate Etf |
| Blackrock Bd Fd |
Mainstay Moderate and Blackrock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Moderate and Blackrock
The main advantage of trading using opposite Mainstay Moderate and Blackrock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Moderate position performs unexpectedly, Blackrock 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 Blackrock will offset losses from the drop in Blackrock's long position.| Mainstay Moderate vs. Voya Government Money | ||
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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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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