Correlation Between Investec Emerging and Mainstay Cushing
Can any of the company-specific risk be diversified away by investing in both Investec Emerging 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 Investec Emerging and Mainstay Cushing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Investec Emerging Markets and Mainstay Cushing Energy, you can compare the effects of market volatilities on Investec Emerging 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 Investec Emerging with a short position of Mainstay Cushing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Investec Emerging and Mainstay Cushing.
Diversification Opportunities for Investec Emerging and Mainstay Cushing
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Investec and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Investec Emerging Markets 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 Investec Emerging 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 Investec Emerging Markets 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 Investec Emerging i.e., Investec Emerging and Mainstay Cushing go up and down completely randomly.
Pair Corralation between Investec Emerging and Mainstay Cushing
If you would invest 938.00 in Investec Emerging Markets on September 12, 2024 and sell it today you would earn a total of 134.00 from holding Investec Emerging Markets or generate 14.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Investec Emerging Markets vs. Mainstay Cushing Energy
Performance |
| Timeline |
| Investec Emerging Markets |
| Mainstay Cushing Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Investec Emerging and Mainstay Cushing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Investec Emerging and Mainstay Cushing
The main advantage of trading using opposite Investec Emerging and Mainstay Cushing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Investec Emerging 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.| Investec Emerging vs. American Funds New | Investec Emerging vs. SCOR PK | Investec Emerging vs. Morningstar Unconstrained Allocation | Investec Emerging vs. Via Renewables |
| Mainstay Cushing vs. Pnc Emerging Markets | Mainstay Cushing vs. Dws Emerging Markets | Mainstay Cushing vs. Angel Oak Multi Strategy | Mainstay Cushing vs. Investec Emerging Markets |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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