Correlation Between Mainstay High and Mainstay Winslow
Can any of the company-specific risk be diversified away by investing in both Mainstay High 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 High 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 High Yield and Mainstay Winslow Large, you can compare the effects of market volatilities on Mainstay High 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 High with a short position of Mainstay Winslow. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mainstay High and Mainstay Winslow.
Diversification Opportunities for Mainstay High and Mainstay Winslow
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Mainstay and Mainstay is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Mainstay High Yield 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 High 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 High Yield 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 High i.e., Mainstay High and Mainstay Winslow go up and down completely randomly.
Pair Corralation between Mainstay High and Mainstay Winslow
Assuming the 90 days horizon Mainstay High Yield is expected to under-perform the Mainstay Winslow. But the mutual fund apears to be less risky and, when comparing its historical volatility, Mainstay High Yield is 3.87 times less risky than Mainstay Winslow. The mutual fund trades about -0.01 of its potential returns per unit of risk. The Mainstay Winslow Large is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 942.00 in Mainstay Winslow Large on June 6, 2025 and sell it today you would earn a total of 40.00 from holding Mainstay Winslow Large or generate 4.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.39% |
| Values | Daily Returns |
Mainstay High Yield vs. Mainstay Winslow Large
Performance |
| Timeline |
| Mainstay High Yield |
| Mainstay Winslow Large |
Mainstay High and Mainstay Winslow Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mainstay High and Mainstay Winslow
The main advantage of trading using opposite Mainstay High and Mainstay Winslow positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mainstay High 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 High vs. Redwood Real Estate | Mainstay High vs. Global Real Estate | Mainstay High vs. Prudential Real Estate | Mainstay High vs. Forum Real Estate |
| 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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