Correlation Between Mainstay Government and Intal High
Can any of the company-specific risk be diversified away by investing in both Mainstay Government and Intal High 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 Government and Intal High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Government Fund and Intal High Relative, you can compare the effects of market volatilities on Mainstay Government and Intal High 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 Government with a short position of Intal High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Government and Intal High.
Diversification Opportunities for Mainstay Government and Intal High
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Mainstay and Intal is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Government Fund and Intal High Relative in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intal High Relative and Mainstay Government 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 Government Fund are associated (or correlated) with Intal High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intal High Relative has no effect on the direction of Mainstay Government i.e., Mainstay Government and Intal High go up and down completely randomly.
Pair Corralation between Mainstay Government and Intal High
Assuming the 90 days horizon Mainstay Government Fund is expected to generate 0.45 times more return on investment than Intal High. However, Mainstay Government Fund is 2.24 times less risky than Intal High. It trades about 0.24 of its potential returns per unit of risk. Intal High Relative is currently generating about 0.0 per unit of risk. If you would invest 752.00 in Mainstay Government Fund on April 3, 2025 and sell it today you would earn a total of 11.00 from holding Mainstay Government Fund or generate 1.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mainstay Government Fund vs. Intal High Relative
Performance |
| Timeline |
| Mainstay Government |
| Intal High Relative |
Mainstay Government and Intal High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Government and Intal High
The main advantage of trading using opposite Mainstay Government and Intal High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Government position performs unexpectedly, Intal High 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 Intal High will offset losses from the drop in Intal High's long position.| Mainstay Government vs. Us Government Securities | Mainstay Government vs. Elfun Government Money | Mainstay Government vs. American Funds Government | Mainstay Government vs. Schwab Government Money |
| Intal High vs. Goldman Sachs Financial | Intal High vs. Blackrock Financial Institutions | Intal High vs. Icon Financial Fund | Intal High vs. Vanguard Financials Index |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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