Correlation Between Mainstay Income and Voya Cbre
Can any of the company-specific risk be diversified away by investing in both Mainstay Income and Voya Cbre 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 Income and Voya Cbre into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Income Builder and Voya Cbre Global, you can compare the effects of market volatilities on Mainstay Income and Voya Cbre 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 Income with a short position of Voya Cbre. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Income and Voya Cbre.
Diversification Opportunities for Mainstay Income and Voya Cbre
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Mainstay and Voya is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Income Builder and Voya Cbre Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Cbre Global and Mainstay Income 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 Income Builder are associated (or correlated) with Voya Cbre. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Cbre Global has no effect on the direction of Mainstay Income i.e., Mainstay Income and Voya Cbre go up and down completely randomly.
Pair Corralation between Mainstay Income and Voya Cbre
Assuming the 90 days horizon Mainstay Income is expected to generate 1.05 times less return on investment than Voya Cbre. But when comparing it to its historical volatility, Mainstay Income Builder is 1.24 times less risky than Voya Cbre. It trades about 0.37 of its potential returns per unit of risk. Voya Cbre Global is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest 1,318 in Voya Cbre Global on December 4, 2024 and sell it today you would earn a total of 46.00 from holding Voya Cbre Global or generate 3.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 66.67% |
| Values | Daily Returns |
Mainstay Income Builder vs. Voya Cbre Global
Performance |
| Timeline |
| Mainstay Income Builder |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Voya Cbre Global |
Mainstay Income and Voya Cbre Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Income and Voya Cbre
The main advantage of trading using opposite Mainstay Income and Voya Cbre positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Income position performs unexpectedly, Voya Cbre 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 Voya Cbre will offset losses from the drop in Voya Cbre's long position.| Mainstay Income vs. Angel Oak Ultrashort | ||
| Mainstay Income vs. Legg Mason Western | ||
| Mainstay Income vs. Metropolitan West Ultra | ||
| Mainstay Income vs. Templeton Developing Markets |
| Voya Cbre vs. John Hancock Enduring | ||
| Voya Cbre vs. Fidelity Infrastructure | ||
| Voya Cbre vs. Invesco Global Infrastructure | ||
| Voya Cbre vs. Mainstay Income Builder |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |