Correlation Between Money Market and Mainstay Epoch
Can any of the company-specific risk be diversified away by investing in both Money Market and Mainstay Epoch 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 Money Market and Mainstay Epoch into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Money Market Obligations and Mainstay Epoch Global, you can compare the effects of market volatilities on Money Market and Mainstay Epoch 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 Money Market with a short position of Mainstay Epoch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Money Market and Mainstay Epoch.
Diversification Opportunities for Money Market and Mainstay Epoch
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Money and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Money Market Obligations and Mainstay Epoch Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Epoch Global and Money Market 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 Money Market Obligations are associated (or correlated) with Mainstay Epoch. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Epoch Global has no effect on the direction of Money Market i.e., Money Market and Mainstay Epoch go up and down completely randomly.
Pair Corralation between Money Market and Mainstay Epoch
If you would invest 2,187 in Mainstay Epoch Global on October 25, 2024 and sell it today you would earn a total of 50.00 from holding Mainstay Epoch Global or generate 2.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Money Market Obligations vs. Mainstay Epoch Global
Performance |
| Timeline |
| Money Market Obligations |
| Mainstay Epoch Global |
Money Market and Mainstay Epoch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Money Market and Mainstay Epoch
The main advantage of trading using opposite Money Market and Mainstay Epoch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Money Market position performs unexpectedly, Mainstay Epoch 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 Epoch will offset losses from the drop in Mainstay Epoch's long position.| Money Market vs. Pace High Yield | Money Market vs. Victory High Yield | Money Market vs. Artisan High Income | Money Market vs. Lord Abbett Short |
| Mainstay Epoch vs. Mainstay Sp 500 | Mainstay Epoch vs. Mainstay Balanced Fund | Mainstay Epoch vs. Mainstay Balanced Fund |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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