Correlation Between Mainstay Growth and Mainstay Convertible
Can any of the company-specific risk be diversified away by investing in both Mainstay Growth and Mainstay Convertible 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 Growth and Mainstay Convertible into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Growth Etf and Mainstay Vertible Fund, you can compare the effects of market volatilities on Mainstay Growth and Mainstay Convertible 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 Growth with a short position of Mainstay Convertible. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Growth and Mainstay Convertible.
Diversification Opportunities for Mainstay Growth and Mainstay Convertible
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Mainstay and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Growth Etf and Mainstay Vertible Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Convertible and Mainstay Growth 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 Growth Etf are associated (or correlated) with Mainstay Convertible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Convertible has no effect on the direction of Mainstay Growth i.e., Mainstay Growth and Mainstay Convertible go up and down completely randomly.
Pair Corralation between Mainstay Growth and Mainstay Convertible
If you would invest 1,700 in Mainstay Vertible Fund on September 1, 2024 and sell it today you would earn a total of 316.00 from holding Mainstay Vertible Fund or generate 18.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.27% |
| Values | Daily Returns |
Mainstay Growth Etf vs. Mainstay Vertible Fund
Performance |
| Timeline |
| Mainstay Growth Etf |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Mainstay Convertible |
Mainstay Growth and Mainstay Convertible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Growth and Mainstay Convertible
The main advantage of trading using opposite Mainstay Growth and Mainstay Convertible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Growth position performs unexpectedly, Mainstay Convertible 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 Convertible will offset losses from the drop in Mainstay Convertible's long position.| Mainstay Growth vs. Victory Rs Small | Mainstay Growth vs. Chase Growth Fund | Mainstay Growth vs. Small Pany Growth | Mainstay Growth vs. Artisan Small Cap |
| Mainstay Convertible vs. Franklin Vertible Securities | Mainstay Convertible vs. Mainstay Floating Rate | Mainstay Convertible vs. Calamos Vertible Fund | Mainstay Convertible vs. Mainstay High Yield |
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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