Correlation Between MFS Special and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both MFS Special and Cohen Steers 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 MFS Special and Cohen Steers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MFS Special Value and Cohen Steers Closed, you can compare the effects of market volatilities on MFS Special and Cohen Steers 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 MFS Special with a short position of Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of MFS Special and Cohen Steers.
Diversification Opportunities for MFS Special and Cohen Steers
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MFS and Cohen is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding MFS Special Value and Cohen Steers Closed in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Closed and MFS Special 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 MFS Special Value are associated (or correlated) with Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Closed has no effect on the direction of MFS Special i.e., MFS Special and Cohen Steers go up and down completely randomly.
Pair Corralation between MFS Special and Cohen Steers
If you would invest 1,280 in Cohen Steers Closed on August 28, 2024 and sell it today you would earn a total of 35.00 from holding Cohen Steers Closed or generate 2.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 2.33% |
| Values | Daily Returns |
MFS Special Value vs. Cohen Steers Closed
Performance |
| Timeline |
| MFS Special Value |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cohen Steers Closed |
MFS Special and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MFS Special and Cohen Steers
The main advantage of trading using opposite MFS Special and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MFS Special position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' long position.| MFS Special vs. Brookfield Business Corp | MFS Special vs. Elysee Development Corp | MFS Special vs. DWS Municipal Income | MFS Special vs. Blackrock Munivest |
| Cohen Steers vs. Cohen Steers Total | Cohen Steers vs. Cohen Steers Reit | Cohen Steers vs. Cohen And Steers | Cohen Steers vs. First Trust Specialty |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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