Correlation Between Mainstay Esg and Payden Us
Can any of the company-specific risk be diversified away by investing in both Mainstay Esg and Payden Us 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 Esg and Payden Us into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Esg Multi Asset and Payden Government Fund, you can compare the effects of market volatilities on Mainstay Esg and Payden Us 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 Esg with a short position of Payden Us. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Esg and Payden Us.
Diversification Opportunities for Mainstay Esg and Payden Us
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Mainstay and Payden is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Esg Multi Asset and Payden Government Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Payden Government and Mainstay Esg 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 Esg Multi Asset are associated (or correlated) with Payden Us. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Payden Government has no effect on the direction of Mainstay Esg i.e., Mainstay Esg and Payden Us go up and down completely randomly.
Pair Corralation between Mainstay Esg and Payden Us
If you would invest 931.00 in Payden Government Fund on November 1, 2024 and sell it today you would earn a total of 6.00 from holding Payden Government Fund or generate 0.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Mainstay Esg Multi Asset vs. Payden Government Fund
Performance |
| Timeline |
| Mainstay Esg Multi |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Payden Government |
Mainstay Esg and Payden Us Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Esg and Payden Us
The main advantage of trading using opposite Mainstay Esg and Payden Us positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Esg position performs unexpectedly, Payden Us 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 Payden Us will offset losses from the drop in Payden Us' long position.| Mainstay Esg vs. Payden Government Fund | Mainstay Esg vs. Ridgeworth Seix Government | Mainstay Esg vs. Davis Government Bond | Mainstay Esg vs. Dunham Porategovernment Bond |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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