Correlation Between Scharf Global and Mainstay Cushing
Can any of the company-specific risk be diversified away by investing in both Scharf Global 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 Scharf Global and Mainstay Cushing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Scharf Global Opportunity and Mainstay Cushing Energy, you can compare the effects of market volatilities on Scharf Global 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 Scharf Global with a short position of Mainstay Cushing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Scharf Global and Mainstay Cushing.
Diversification Opportunities for Scharf Global and Mainstay Cushing
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Scharf and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Scharf Global Opportunity 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 Scharf Global 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 Scharf Global Opportunity 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 Scharf Global i.e., Scharf Global and Mainstay Cushing go up and down completely randomly.
Pair Corralation between Scharf Global and Mainstay Cushing
If you would invest 3,487 in Scharf Global Opportunity on September 3, 2024 and sell it today you would earn a total of 342.00 from holding Scharf Global Opportunity or generate 9.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Scharf Global Opportunity vs. Mainstay Cushing Energy
Performance |
| Timeline |
| Scharf Global Opportunity |
| Mainstay Cushing Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Scharf Global and Mainstay Cushing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Scharf Global and Mainstay Cushing
The main advantage of trading using opposite Scharf Global and Mainstay Cushing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Scharf Global 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.| Scharf Global vs. Prudential Jennison Financial | Scharf Global vs. 1919 Financial Services | Scharf Global vs. Mesirow Financial Small | Scharf Global vs. Gabelli Global Financial |
| Mainstay Cushing vs. Qs Global Equity | Mainstay Cushing vs. Legg Mason Global | Mainstay Cushing vs. Scharf Global Opportunity | Mainstay Cushing vs. Siit Global Managed |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |