Correlation Between Mainstay Winslow and Mainstay Equity
Can any of the company-specific risk be diversified away by investing in both Mainstay Winslow and Mainstay Equity 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 Winslow and Mainstay Equity into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Winslow Large and Mainstay Equity Etf, you can compare the effects of market volatilities on Mainstay Winslow and Mainstay Equity 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 Winslow with a short position of Mainstay Equity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Winslow and Mainstay Equity.
Diversification Opportunities for Mainstay Winslow and Mainstay Equity
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Mainstay and Mainstay is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Winslow Large and Mainstay Equity Etf in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Equity Etf and Mainstay Winslow 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 Winslow Large are associated (or correlated) with Mainstay Equity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Equity Etf has no effect on the direction of Mainstay Winslow i.e., Mainstay Winslow and Mainstay Equity go up and down completely randomly.
Pair Corralation between Mainstay Winslow and Mainstay Equity
Assuming the 90 days horizon Mainstay Winslow Large is expected to generate 1.51 times more return on investment than Mainstay Equity. However, Mainstay Winslow is 1.51 times more volatile than Mainstay Equity Etf. It trades about 0.14 of its potential returns per unit of risk. Mainstay Equity Etf is currently generating about 0.17 per unit of risk. If you would invest 1,067 in Mainstay Winslow Large on August 27, 2024 and sell it today you would earn a total of 38.00 from holding Mainstay Winslow Large or generate 3.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mainstay Winslow Large vs. Mainstay Equity Etf
Performance |
| Timeline |
| Mainstay Winslow Large |
| Mainstay Equity Etf |
Mainstay Winslow and Mainstay Equity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Winslow and Mainstay Equity
The main advantage of trading using opposite Mainstay Winslow and Mainstay Equity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Winslow position performs unexpectedly, Mainstay Equity 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 Mainstay Equity will offset losses from the drop in Mainstay Equity's long position.| Mainstay Winslow vs. Scharf Global Opportunity | Mainstay Winslow vs. Rbc Microcap Value | Mainstay Winslow vs. Arrow Managed Futures | Mainstay Winslow vs. Leggmason Partners Institutional |
| Mainstay Equity vs. Mainstay High Yield | Mainstay Equity vs. Mainstay Tax Free | Mainstay Equity vs. Mainstay Income Builder | Mainstay Equity vs. Mainstay Large Cap |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |