Correlation Between Siit Ultra and Mainstay Cushing
Can any of the company-specific risk be diversified away by investing in both Siit Ultra and Mainstay Cushing 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 Siit Ultra and Mainstay Cushing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Siit Ultra Short and Mainstay Cushing Energy, you can compare the effects of market volatilities on Siit Ultra and Mainstay Cushing 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 Siit Ultra with a short position of Mainstay Cushing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Siit Ultra and Mainstay Cushing.
Diversification Opportunities for Siit Ultra and Mainstay Cushing
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Siit and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Siit Ultra Short and Mainstay Cushing Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Cushing Energy and Siit Ultra 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 Siit Ultra Short are associated (or correlated) with Mainstay Cushing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Cushing Energy has no effect on the direction of Siit Ultra i.e., Siit Ultra and Mainstay Cushing go up and down completely randomly.
Pair Corralation between Siit Ultra and Mainstay Cushing
If you would invest 971.00 in Siit Ultra Short on September 3, 2024 and sell it today you would earn a total of 25.00 from holding Siit Ultra Short or generate 2.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Siit Ultra Short vs. Mainstay Cushing Energy
Performance |
| Timeline |
| Siit Ultra Short |
| Mainstay Cushing Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Siit Ultra and Mainstay Cushing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Siit Ultra and Mainstay Cushing
The main advantage of trading using opposite Siit Ultra and Mainstay Cushing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Siit Ultra position performs unexpectedly, Mainstay Cushing 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 Cushing will offset losses from the drop in Mainstay Cushing's long position.| Siit Ultra vs. Columbia Real Estate | Siit Ultra vs. Forum Real Estate | Siit Ultra vs. Jhancock Real Estate | Siit Ultra vs. Tiaa Cref Real Estate |
| Mainstay Cushing vs. Quantitative Longshort Equity | Mainstay Cushing vs. Maryland Short Term Tax Free | Mainstay Cushing vs. Astor Longshort Fund | Mainstay Cushing vs. Siit Ultra Short |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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