Correlation Between Siit Ultra and Massmutual Premier
Can any of the company-specific risk be diversified away by investing in both Siit Ultra and Massmutual Premier 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 Massmutual Premier 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 Massmutual Premier E, you can compare the effects of market volatilities on Siit Ultra and Massmutual Premier 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 Massmutual Premier. Check out your portfolio center. Please also check ongoing floating volatility patterns of Siit Ultra and Massmutual Premier.
Diversification Opportunities for Siit Ultra and Massmutual Premier
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Siit and Massmutual is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Siit Ultra Short and Massmutual Premier E in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Massmutual Premier 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 Massmutual Premier. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Massmutual Premier has no effect on the direction of Siit Ultra i.e., Siit Ultra and Massmutual Premier go up and down completely randomly.
Pair Corralation between Siit Ultra and Massmutual Premier
Assuming the 90 days horizon Siit Ultra Short is not expected to generate positive returns. However, Siit Ultra Short is 9.5 times less risky than Massmutual Premier. It waists most of its returns potential to compensate for thr risk taken. Massmutual Premier is generating about 0.04 per unit of risk. If you would invest 902.00 in Massmutual Premier E on November 3, 2024 and sell it today you would earn a total of 2.00 from holding Massmutual Premier E or generate 0.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Siit Ultra Short vs. Massmutual Premier E
Performance |
| Timeline |
| Siit Ultra Short |
| Massmutual Premier |
Siit Ultra and Massmutual Premier Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Siit Ultra and Massmutual Premier
The main advantage of trading using opposite Siit Ultra and Massmutual Premier positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Siit Ultra position performs unexpectedly, Massmutual Premier 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 Massmutual Premier will offset losses from the drop in Massmutual Premier's long position.| Siit Ultra vs. Legg Mason Partners | Siit Ultra vs. Transamerica Intermediate Muni | Siit Ultra vs. Jpmorgan Ultra Short Municipal | Siit Ultra vs. Old Westbury California |
| Massmutual Premier vs. Commodities Strategy Fund | Massmutual Premier vs. Siit Emerging Markets | Massmutual Premier vs. Barings Emerging Markets | Massmutual Premier vs. Growth Strategy Fund |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |