Correlation Between Mainstay Common and Fisher Small
Can any of the company-specific risk be diversified away by investing in both Mainstay Common and Fisher Small 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 Common and Fisher Small into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Mon Stock and Fisher Small Cap, you can compare the effects of market volatilities on Mainstay Common and Fisher Small 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 Common with a short position of Fisher Small. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Common and Fisher Small.
Diversification Opportunities for Mainstay Common and Fisher Small
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Mainstay and Fisher is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Mon Stock and Fisher Small Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fisher Small Cap and Mainstay Common 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 Mon Stock are associated (or correlated) with Fisher Small. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fisher Small Cap has no effect on the direction of Mainstay Common i.e., Mainstay Common and Fisher Small go up and down completely randomly.
Pair Corralation between Mainstay Common and Fisher Small
Assuming the 90 days horizon Mainstay Mon Stock is expected to generate 0.58 times more return on investment than Fisher Small. However, Mainstay Mon Stock is 1.71 times less risky than Fisher Small. It trades about 0.08 of its potential returns per unit of risk. Fisher Small Cap is currently generating about 0.04 per unit of risk. If you would invest 2,665 in Mainstay Mon Stock on September 2, 2024 and sell it today you would earn a total of 984.00 from holding Mainstay Mon Stock or generate 36.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mainstay Mon Stock vs. Fisher Small Cap
Performance |
| Timeline |
| Mainstay Mon Stock |
| Fisher Small Cap |
Mainstay Common and Fisher Small Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Common and Fisher Small
The main advantage of trading using opposite Mainstay Common and Fisher Small positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Common position performs unexpectedly, Fisher Small 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 Fisher Small will offset losses from the drop in Fisher Small's long position.| Mainstay Common vs. Fisher Small Cap | Mainstay Common vs. Jpmorgan Small Cap | Mainstay Common vs. Victory Rs Small | Mainstay Common vs. Ab Small Cap |
| Fisher Small vs. Fisher Large Cap | Fisher Small vs. Fisher All Foreign | Fisher Small vs. Tactical Multi Purpose Fund | Fisher Small vs. Fisher 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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