Correlation Between NYSE Composite and Mfs Series
Can any of the company-specific risk be diversified away by investing in both NYSE Composite and Mfs Series 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 NYSE Composite and Mfs Series into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NYSE Composite and Mfs Series Trust, you can compare the effects of market volatilities on NYSE Composite and Mfs Series 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 NYSE Composite with a short position of Mfs Series. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and Mfs Series.
Diversification Opportunities for NYSE Composite and Mfs Series
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between NYSE and Mfs is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and Mfs Series Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mfs Series Trust and NYSE Composite 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 NYSE Composite are associated (or correlated) with Mfs Series. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mfs Series Trust has no effect on the direction of NYSE Composite i.e., NYSE Composite and Mfs Series go up and down completely randomly.
Pair Corralation between NYSE Composite and Mfs Series
If you would invest 100.00 in Mfs Series Trust on December 1, 2024 and sell it today you would earn a total of 0.00 from holding Mfs Series Trust or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NYSE Composite vs. Mfs Series Trust
Performance |
| Timeline |
NYSE Composite and Mfs Series Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
Mfs Series Trust
Pair trading matchups for Mfs Series
Pair Trading with NYSE Composite and Mfs Series
The main advantage of trading using opposite NYSE Composite and Mfs Series positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, Mfs Series 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 Mfs Series will offset losses from the drop in Mfs Series' long position.| NYSE Composite vs. Intuitive Surgical | NYSE Composite vs. Franklin Wireless Corp | NYSE Composite vs. Idaho Strategic Resources | NYSE Composite vs. Femasys |
| Mfs Series vs. Boston Partners Small | Mfs Series vs. T Rowe Price | Mfs Series vs. Valic Company I | Mfs Series vs. Ashmore Emerging Markets |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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