Correlation Between Mainstay Map and Ab Bond
Can any of the company-specific risk be diversified away by investing in both Mainstay Map and Ab Bond 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 Map and Ab Bond into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Map Equity and Ab Bond Inflation, you can compare the effects of market volatilities on Mainstay Map and Ab Bond 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 Map with a short position of Ab Bond. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Map and Ab Bond.
Diversification Opportunities for Mainstay Map and Ab Bond
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Mainstay and ABNTX is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Map Equity and Ab Bond Inflation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ab Bond Inflation and Mainstay Map 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 Map Equity are associated (or correlated) with Ab Bond. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ab Bond Inflation has no effect on the direction of Mainstay Map i.e., Mainstay Map and Ab Bond go up and down completely randomly.
Pair Corralation between Mainstay Map and Ab Bond
Assuming the 90 days horizon Mainstay Map Equity is expected to generate 5.02 times more return on investment than Ab Bond. However, Mainstay Map is 5.02 times more volatile than Ab Bond Inflation. It trades about 0.22 of its potential returns per unit of risk. Ab Bond Inflation is currently generating about 0.03 per unit of risk. If you would invest 3,426 in Mainstay Map Equity on August 31, 2024 and sell it today you would earn a total of 141.00 from holding Mainstay Map Equity or generate 4.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mainstay Map Equity vs. Ab Bond Inflation
Performance |
| Timeline |
| Mainstay Map Equity |
| Ab Bond Inflation |
Mainstay Map and Ab Bond Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Map and Ab Bond
The main advantage of trading using opposite Mainstay Map and Ab Bond positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Map position performs unexpectedly, Ab Bond 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 Ab Bond will offset losses from the drop in Ab Bond's long position.| Mainstay Map vs. Ab Bond Inflation | Mainstay Map vs. Versatile Bond Portfolio | Mainstay Map vs. Multisector Bond Sma | Mainstay Map vs. Inflation Protected Bond Fund |
| Ab Bond vs. Vanguard Short Term Inflation Protected | Ab Bond vs. HUMANA INC | Ab Bond vs. Aquagold International | Ab Bond vs. Barloworld Ltd ADR |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |