Correlation Between Mainstay Mackay and Matson Money
Can any of the company-specific risk be diversified away by investing in both Mainstay Mackay and Matson Money 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 Mackay and Matson Money into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Mackay High and Matson Money Equity, you can compare the effects of market volatilities on Mainstay Mackay and Matson Money 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 Mackay with a short position of Matson Money. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Mackay and Matson Money.
Diversification Opportunities for Mainstay Mackay and Matson Money
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mainstay and Matson is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Mackay High and Matson Money Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Matson Money Equity and Mainstay Mackay 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 Mackay High are associated (or correlated) with Matson Money. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Matson Money Equity has no effect on the direction of Mainstay Mackay i.e., Mainstay Mackay and Matson Money go up and down completely randomly.
Pair Corralation between Mainstay Mackay and Matson Money
If you would invest 3,375 in Matson Money Equity on September 12, 2024 and sell it today you would earn a total of 328.00 from holding Matson Money Equity or generate 9.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.59% |
| Values | Daily Returns |
Mainstay Mackay High vs. Matson Money Equity
Performance |
| Timeline |
| Mainstay Mackay High |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Insignificant
| Matson Money Equity |
Mainstay Mackay and Matson Money Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Mackay and Matson Money
The main advantage of trading using opposite Mainstay Mackay and Matson Money positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Mackay position performs unexpectedly, Matson Money 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 Matson Money will offset losses from the drop in Matson Money's long position.| Mainstay Mackay vs. Lgm Risk Managed | Mainstay Mackay vs. Western Asset High | Mainstay Mackay vs. T Rowe Price | Mainstay Mackay vs. Metropolitan West High |
| Matson Money vs. Vanguard Total Stock | Matson Money vs. Vanguard 500 Index | Matson Money vs. Vanguard Total Stock | Matson Money vs. Vanguard Total Stock |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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