Correlation Between Pender Real and Mainstay Epoch
Can any of the company-specific risk be diversified away by investing in both Pender Real 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 Pender Real and Mainstay Epoch into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pender Real Estate and Mainstay Epoch International, you can compare the effects of market volatilities on Pender Real 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 Pender Real with a short position of Mainstay Epoch. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pender Real and Mainstay Epoch.
Diversification Opportunities for Pender Real and Mainstay Epoch
-0.92 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Pender and Mainstay is -0.92. Overlapping area represents the amount of risk that can be diversified away by holding Pender Real Estate and Mainstay Epoch International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Epoch Inter and Pender Real 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 Pender Real Estate 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 Inter has no effect on the direction of Pender Real i.e., Pender Real and Mainstay Epoch go up and down completely randomly.
Pair Corralation between Pender Real and Mainstay Epoch
Assuming the 90 days horizon Pender Real Estate is expected to generate 0.07 times more return on investment than Mainstay Epoch. However, Pender Real Estate is 15.09 times less risky than Mainstay Epoch. It trades about 0.64 of its potential returns per unit of risk. Mainstay Epoch International is currently generating about 0.04 per unit of risk. If you would invest 885.00 in Pender Real Estate on August 30, 2024 and sell it today you would earn a total of 124.00 from holding Pender Real Estate or generate 14.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 81.01% |
| Values | Daily Returns |
Pender Real Estate vs. Mainstay Epoch International
Performance |
| Timeline |
| Pender Real Estate |
| Mainstay Epoch Inter |
Pender Real and Mainstay Epoch Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pender Real and Mainstay Epoch
The main advantage of trading using opposite Pender Real and Mainstay Epoch positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pender Real 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.| Pender Real vs. Vanguard Total Stock | Pender Real vs. Vanguard 500 Index | Pender Real vs. Vanguard Total Stock | Pender Real vs. Vanguard Total Stock |
| Mainstay Epoch vs. Jhancock Real Estate | Mainstay Epoch vs. Pender Real Estate | Mainstay Epoch vs. Virtus Real Estate | Mainstay Epoch vs. Sterling Capital Stratton |
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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