Correlation Between Massmutual Select and Guinness Atkinson
Can any of the company-specific risk be diversified away by investing in both Massmutual Select and Guinness Atkinson 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 Select and Guinness Atkinson into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Massmutual Select Growth and Guinness Atkinson Alternative, you can compare the effects of market volatilities on Massmutual Select and Guinness Atkinson 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 Select with a short position of Guinness Atkinson. Check out your portfolio center. Please also check ongoing floating volatility patterns of Massmutual Select and Guinness Atkinson.
Diversification Opportunities for Massmutual Select and Guinness Atkinson
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Massmutual and Guinness is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Massmutual Select Growth and Guinness Atkinson Alternative in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guinness Atkinson and Massmutual Select 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 Select Growth are associated (or correlated) with Guinness Atkinson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guinness Atkinson has no effect on the direction of Massmutual Select i.e., Massmutual Select and Guinness Atkinson go up and down completely randomly.
Pair Corralation between Massmutual Select and Guinness Atkinson
If you would invest 84.00 in Massmutual Select Growth on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Massmutual Select Growth or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 85.71% |
| Values | Daily Returns |
Massmutual Select Growth vs. Guinness Atkinson Alternative
Performance |
| Timeline |
| Massmutual Select Growth |
| Guinness Atkinson |
Massmutual Select and Guinness Atkinson Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Massmutual Select and Guinness Atkinson
The main advantage of trading using opposite Massmutual Select and Guinness Atkinson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Massmutual Select position performs unexpectedly, Guinness Atkinson 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 Guinness Atkinson will offset losses from the drop in Guinness Atkinson's long position.| Massmutual Select vs. Massmutual Select Mid | Massmutual Select vs. Massmutual Select Mid Cap | Massmutual Select vs. Massmutual Select Mid Cap | Massmutual Select vs. Massmutual Select Mid Cap |
| Guinness Atkinson vs. New Alternatives Fund | Guinness Atkinson vs. Calvert Global Energy | Guinness Atkinson vs. Firsthand Alternative Energy | Guinness Atkinson vs. Guinness Atkinson Global |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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