Correlation Between Massmutual Select and Massmutual Premier
Can any of the company-specific risk be diversified away by investing in both Massmutual Select and Massmutual Premier 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 Massmutual Premier 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 Massmutual Premier Short Duration, you can compare the effects of market volatilities on Massmutual Select and Massmutual Premier 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 Massmutual Premier. Check out your portfolio center. Please also check ongoing floating volatility patterns of Massmutual Select and Massmutual Premier.
Diversification Opportunities for Massmutual Select and Massmutual Premier
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Massmutual and Massmutual is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding Massmutual Select Growth and Massmutual Premier Short Durat in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Massmutual Premier 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 Massmutual Premier. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Massmutual Premier has no effect on the direction of Massmutual Select i.e., Massmutual Select and Massmutual Premier go up and down completely randomly.
Pair Corralation between Massmutual Select and Massmutual Premier
If you would invest 923.00 in Massmutual Premier Short Duration on September 1, 2024 and sell it today you would earn a total of 2.00 from holding Massmutual Premier Short Duration or generate 0.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 81.82% |
| Values | Daily Returns |
Massmutual Select Growth vs. Massmutual Premier Short Durat
Performance |
| Timeline |
| Massmutual Select Growth |
| Massmutual Premier |
Massmutual Select and Massmutual Premier Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Massmutual Select and Massmutual Premier
The main advantage of trading using opposite Massmutual Select and Massmutual Premier positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Massmutual Select position performs unexpectedly, Massmutual Premier 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 Massmutual Premier will offset losses from the drop in Massmutual Premier's long position.| Massmutual Select vs. Investec Emerging Markets | Massmutual Select vs. Eagle Mlp Strategy | Massmutual Select vs. Goldman Sachs Emerging | Massmutual Select vs. Doubleline Emerging Markets |
| Massmutual Premier vs. Royce Global Financial | Massmutual Premier vs. Gabelli Global Financial | Massmutual Premier vs. Financials Ultrasector Profund | Massmutual Premier vs. 1919 Financial Services |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |