Correlation Between Massmutual Premier and Eagle Mid
Can any of the company-specific risk be diversified away by investing in both Massmutual Premier and Eagle Mid 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 Massmutual Premier and Eagle Mid into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Massmutual Premier Diversified and Eagle Mid Cap, you can compare the effects of market volatilities on Massmutual Premier and Eagle Mid 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 Massmutual Premier with a short position of Eagle Mid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Massmutual Premier and Eagle Mid.
Diversification Opportunities for Massmutual Premier and Eagle Mid
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Massmutual and EAGLE is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Massmutual Premier Diversified and Eagle Mid Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eagle Mid Cap and Massmutual Premier 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 Massmutual Premier Diversified are associated (or correlated) with Eagle Mid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eagle Mid Cap has no effect on the direction of Massmutual Premier i.e., Massmutual Premier and Eagle Mid go up and down completely randomly.
Pair Corralation between Massmutual Premier and Eagle Mid
If you would invest 813.00 in Massmutual Premier Diversified on September 2, 2024 and sell it today you would earn a total of 12.00 from holding Massmutual Premier Diversified or generate 1.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Massmutual Premier Diversified vs. Eagle Mid Cap
Performance |
| Timeline |
| Massmutual Premier |
| Eagle Mid Cap |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Massmutual Premier and Eagle Mid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Massmutual Premier and Eagle Mid
The main advantage of trading using opposite Massmutual Premier and Eagle Mid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Massmutual Premier position performs unexpectedly, Eagle Mid 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 Eagle Mid will offset losses from the drop in Eagle Mid's long position.| Massmutual Premier vs. Franklin Government Money | Massmutual Premier vs. Us Government Plus | Massmutual Premier vs. Lord Abbett Government | Massmutual Premier vs. Aig Government Money |
| Eagle Mid vs. Western Asset Diversified | Eagle Mid vs. Massmutual Premier Diversified | Eagle Mid vs. Delaware Limited Term Diversified | Eagle Mid vs. Prudential Core Conservative |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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