Correlation Analysis Between Invesco High and MainStay MacKay

This module allows you to analyze existing cross correlation between Invesco High Yield Fund Class A and MainStay MacKay High Yield Corp. You can compare the effects of market volatilities on Invesco High and MainStay MacKay 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 Invesco High with a short position of MainStay MacKay. See also your portfolio center. Please also check ongoing floating volatility patterns of Invesco High and MainStay MacKay.
Horizon     30 Days    Login   to change
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Comparative Performance

Invesco High Yield  
00

Risk-Adjusted Fund Performance

Over the last 30 days Invesco High Yield Fund Class A has generated negative risk-adjusted returns adding no value to fund investors. Inspite fairly strong basic indicators, Invesco High is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
MainStay MacKay High  
22

Risk-Adjusted Fund Performance

Compared to the overall equity markets, risk-adjusted returns on investments in MainStay MacKay High Yield Corp are ranked lower than 2 (%) of all funds and portfolios of funds over the last 30 days. Inspite fairly strong basic indicators, MainStay MacKay is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.

Invesco High and MainStay MacKay Volatility Contrast

 Predicted Return Density 
      Returns 

Invesco High Yield Fund Class   vs.  MainStay MacKay High Yield Cor

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Invesco High Yield Fund Class A is expected to under-perform the MainStay MacKay. In addition to that, Invesco High is 1.42 times more volatile than MainStay MacKay High Yield Corp. It trades about -0.03 of its total potential returns per unit of risk. MainStay MacKay High Yield Corp is currently generating about 0.03 per unit of volatility. If you would invest  558.00  in MainStay MacKay High Yield Corp on September 14, 2019 and sell it today you would earn a total of  2.00  from holding MainStay MacKay High Yield Corp or generate 0.36% return on investment over 30 days.

Pair Corralation between Invesco High and MainStay MacKay

0.77
Time Period3 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Invesco High and MainStay MacKay

Invesco High Yield Fund Class  diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Invesco High Yield Fund Class and MainStay MacKay High Yield Cor in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on MainStay MacKay High and Invesco 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 Invesco High Yield Fund Class A are associated (or correlated) with MainStay MacKay. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MainStay MacKay High has no effect on the direction of Invesco High i.e. Invesco High and MainStay MacKay go up and down completely randomly.
See also your portfolio center. Please also try Money Flow Index module to determine momentum by analyzing money flow index and other technical indicators.


 
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