Correlation Between Mainstay Cornerstone and Mainstay Winslow
Can any of the company-specific risk be diversified away by investing in both Mainstay Cornerstone and Mainstay Winslow 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 Mainstay Cornerstone and Mainstay Winslow into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Nerstone Growth and Mainstay Winslow Large, you can compare the effects of market volatilities on Mainstay Cornerstone and Mainstay Winslow 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 Mainstay Cornerstone with a short position of Mainstay Winslow. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Cornerstone and Mainstay Winslow.
Diversification Opportunities for Mainstay Cornerstone and Mainstay Winslow
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Mainstay and Mainstay is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Nerstone Growth and Mainstay Winslow Large in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Winslow Large and Mainstay Cornerstone 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 Mainstay Nerstone Growth are associated (or correlated) with Mainstay Winslow. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Winslow Large has no effect on the direction of Mainstay Cornerstone i.e., Mainstay Cornerstone and Mainstay Winslow go up and down completely randomly.
Pair Corralation between Mainstay Cornerstone and Mainstay Winslow
Assuming the 90 days horizon Mainstay Nerstone Growth is expected to generate 1.0 times more return on investment than Mainstay Winslow. However, Mainstay Cornerstone is 1.0 times more volatile than Mainstay Winslow Large. It trades about 0.16 of its potential returns per unit of risk. Mainstay Winslow Large is currently generating about 0.1 per unit of risk. If you would invest 5,038 in Mainstay Nerstone Growth on June 9, 2025 and sell it today you would earn a total of 435.00 from holding Mainstay Nerstone Growth or generate 8.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mainstay Nerstone Growth vs. Mainstay Winslow Large
Performance |
| Timeline |
| Mainstay Nerstone Growth |
| Mainstay Winslow Large |
Mainstay Cornerstone and Mainstay Winslow Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Cornerstone and Mainstay Winslow
The main advantage of trading using opposite Mainstay Cornerstone and Mainstay Winslow positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Cornerstone position performs unexpectedly, Mainstay Winslow 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 Winslow will offset losses from the drop in Mainstay Winslow's long position.| Mainstay Cornerstone vs. Pace International Emerging | Mainstay Cornerstone vs. Balanced Strategy Fund | Mainstay Cornerstone vs. Dodge Cox Emerging | Mainstay Cornerstone vs. Angel Oak Multi Strategy |
| Mainstay Winslow vs. Mainstay Large Cap | Mainstay Winslow vs. Mainstay Large Cap | Mainstay Winslow vs. Mainstay Large Cap | Mainstay Winslow vs. Mainstay High Yield |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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