Correlation Between Lazard Funds and Mainstay Convertible
Can any of the company-specific risk be diversified away by investing in both Lazard Funds and Mainstay Convertible 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 Lazard Funds and Mainstay Convertible into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Lazard Funds and Mainstay Vertible Fund, you can compare the effects of market volatilities on Lazard Funds and Mainstay Convertible 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 Lazard Funds with a short position of Mainstay Convertible. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lazard Funds and Mainstay Convertible.
Diversification Opportunities for Lazard Funds and Mainstay Convertible
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Lazard and Mainstay is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding The Lazard Funds and Mainstay Vertible Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Convertible and Lazard Funds 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 The Lazard Funds are associated (or correlated) with Mainstay Convertible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Convertible has no effect on the direction of Lazard Funds i.e., Lazard Funds and Mainstay Convertible go up and down completely randomly.
Pair Corralation between Lazard Funds and Mainstay Convertible
Assuming the 90 days horizon Lazard Funds is expected to generate 1.17 times less return on investment than Mainstay Convertible. In addition to that, Lazard Funds is 1.13 times more volatile than Mainstay Vertible Fund. It trades about 0.05 of its total potential returns per unit of risk. Mainstay Vertible Fund is currently generating about 0.07 per unit of volatility. If you would invest 1,674 in Mainstay Vertible Fund on June 5, 2025 and sell it today you would earn a total of 356.00 from holding Mainstay Vertible Fund or generate 21.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.8% |
| Values | Daily Returns |
The Lazard Funds vs. Mainstay Vertible Fund
Performance |
| Timeline |
| Lazard Funds |
| Mainstay Convertible |
Lazard Funds and Mainstay Convertible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lazard Funds and Mainstay Convertible
The main advantage of trading using opposite Lazard Funds and Mainstay Convertible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lazard Funds position performs unexpectedly, Mainstay Convertible 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 Convertible will offset losses from the drop in Mainstay Convertible's long position.| Lazard Funds vs. Alliancebernstein Global Highome | Lazard Funds vs. Lgm Risk Managed | Lazard Funds vs. The Hartford Floating | Lazard Funds vs. Gmo High Yield |
| Mainstay Convertible vs. Mainstay High Yield | Mainstay Convertible vs. Mainstay Income Builder | Mainstay Convertible vs. Mainstay Sp 500 | Mainstay Convertible vs. Mainstay Large Cap |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |