Correlation Between Doubleline Total and Mainstay Cbre
Can any of the company-specific risk be diversified away by investing in both Doubleline Total and Mainstay Cbre 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 Doubleline Total and Mainstay Cbre into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Doubleline Total Return and Mainstay Cbre Global, you can compare the effects of market volatilities on Doubleline Total and Mainstay Cbre 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 Doubleline Total with a short position of Mainstay Cbre. Check out your portfolio center. Please also check ongoing floating volatility patterns of Doubleline Total and Mainstay Cbre.
Diversification Opportunities for Doubleline Total and Mainstay Cbre
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Doubleline and Mainstay is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Doubleline Total Return and Mainstay Cbre Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Cbre Global and Doubleline Total 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 Doubleline Total Return are associated (or correlated) with Mainstay Cbre. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Cbre Global has no effect on the direction of Doubleline Total i.e., Doubleline Total and Mainstay Cbre go up and down completely randomly.
Pair Corralation between Doubleline Total and Mainstay Cbre
Assuming the 90 days horizon Doubleline Total is expected to generate 1.13 times less return on investment than Mainstay Cbre. But when comparing it to its historical volatility, Doubleline Total Return is 2.05 times less risky than Mainstay Cbre. It trades about 0.16 of its potential returns per unit of risk. Mainstay Cbre Global is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 1,410 in Mainstay Cbre Global on May 30, 2025 and sell it today you would earn a total of 42.00 from holding Mainstay Cbre Global or generate 2.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 98.41% |
| Values | Daily Returns |
Doubleline Total Return vs. Mainstay Cbre Global
Performance |
| Timeline |
| Doubleline Total Return |
| Mainstay Cbre Global |
Doubleline Total and Mainstay Cbre Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Doubleline Total and Mainstay Cbre
The main advantage of trading using opposite Doubleline Total and Mainstay Cbre positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Doubleline Total position performs unexpectedly, Mainstay Cbre 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 Cbre will offset losses from the drop in Mainstay Cbre's long position.| Doubleline Total vs. Osterweis Strategic Income | Doubleline Total vs. Metropolitan West Total | Doubleline Total vs. Doubleline Low Duration | Doubleline Total vs. Akre Focus Fund |
| Mainstay Cbre vs. City National Rochdale | Mainstay Cbre vs. Blackrock High Yield | Mainstay Cbre vs. American Century High | Mainstay Cbre vs. Strategic Advisers Income |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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