Correlation Between Voya Cbre and Mainstay Short
Can any of the company-specific risk be diversified away by investing in both Voya Cbre and Mainstay Short 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 Voya Cbre and Mainstay Short into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Voya Cbre Global and Mainstay Short Duration, you can compare the effects of market volatilities on Voya Cbre and Mainstay Short 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 Voya Cbre with a short position of Mainstay Short. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voya Cbre and Mainstay Short.
Diversification Opportunities for Voya Cbre and Mainstay Short
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Voya and Mainstay is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Voya Cbre Global and Mainstay Short Duration in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Short Duration and Voya Cbre 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 Voya Cbre Global are associated (or correlated) with Mainstay Short. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Short Duration has no effect on the direction of Voya Cbre i.e., Voya Cbre and Mainstay Short go up and down completely randomly.
Pair Corralation between Voya Cbre and Mainstay Short
Assuming the 90 days horizon Voya Cbre Global is expected to generate 5.95 times more return on investment than Mainstay Short. However, Voya Cbre is 5.95 times more volatile than Mainstay Short Duration. It trades about 0.08 of its potential returns per unit of risk. Mainstay Short Duration is currently generating about 0.24 per unit of risk. If you would invest 1,161 in Voya Cbre Global on November 3, 2024 and sell it today you would earn a total of 159.00 from holding Voya Cbre Global or generate 13.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Voya Cbre Global vs. Mainstay Short Duration
Performance |
| Timeline |
| Voya Cbre Global |
| Mainstay Short Duration |
Voya Cbre and Mainstay Short Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voya Cbre and Mainstay Short
The main advantage of trading using opposite Voya Cbre and Mainstay Short positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voya Cbre position performs unexpectedly, Mainstay Short 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 Short will offset losses from the drop in Mainstay Short's long position.| Voya Cbre vs. John Hancock Enduring | Voya Cbre vs. Fidelity Infrastructure | Voya Cbre vs. Invesco Global Infrastructure | Voya Cbre vs. Mainstay Income Builder |
| Mainstay Short vs. Rmb Mendon Financial | Mainstay Short vs. Gabelli Global Financial | Mainstay Short vs. Icon Financial Fund | Mainstay Short vs. Blackrock Financial Institutions |
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.
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