Correlation Between Mainstay Winslow and Mainstay Vertible
Can any of the company-specific risk be diversified away by investing in both Mainstay Winslow and Mainstay Vertible 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 Winslow and Mainstay Vertible into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mainstay Winslow Large and Mainstay Vertible Fund, you can compare the effects of market volatilities on Mainstay Winslow and Mainstay Vertible 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 Winslow with a short position of Mainstay Vertible. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay Winslow and Mainstay Vertible.
Diversification Opportunities for Mainstay Winslow and Mainstay Vertible
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Mainstay and Mainstay is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay Winslow Large and Mainstay Vertible Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay Vertible and Mainstay Winslow 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 Winslow Large are associated (or correlated) with Mainstay Vertible. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay Vertible has no effect on the direction of Mainstay Winslow i.e., Mainstay Winslow and Mainstay Vertible go up and down completely randomly.
Pair Corralation between Mainstay Winslow and Mainstay Vertible
Assuming the 90 days horizon Mainstay Winslow Large is expected to generate 2.37 times more return on investment than Mainstay Vertible. However, Mainstay Winslow is 2.37 times more volatile than Mainstay Vertible Fund. It trades about 0.08 of its potential returns per unit of risk. Mainstay Vertible Fund is currently generating about 0.06 per unit of risk. If you would invest 619.00 in Mainstay Winslow Large on May 28, 2025 and sell it today you would earn a total of 362.00 from holding Mainstay Winslow Large or generate 58.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.8% |
| Values | Daily Returns |
Mainstay Winslow Large vs. Mainstay Vertible Fund
Performance |
| Timeline |
| Mainstay Winslow Large |
| Mainstay Vertible |
Mainstay Winslow and Mainstay Vertible Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay Winslow and Mainstay Vertible
The main advantage of trading using opposite Mainstay Winslow and Mainstay Vertible positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay Winslow position performs unexpectedly, Mainstay Vertible 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 Vertible will offset losses from the drop in Mainstay Vertible's long position.| Mainstay Winslow vs. Adams Natural Resources | Mainstay Winslow vs. Fidelity Advisor Energy | Mainstay Winslow vs. Global Resources Fund | Mainstay Winslow vs. Dreyfus Natural Resources |
| Mainstay Vertible vs. T Rowe Price | Mainstay Vertible vs. Auer Growth Fund | Mainstay Vertible vs. Qs Growth Fund | Mainstay Vertible vs. Growth Allocation Fund |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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