Correlation Between Bank of New York and MAST GLOBAL
Can any of the company-specific risk be diversified away by investing in both Bank of New York and MAST GLOBAL 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 Bank of New York and MAST GLOBAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bank of New and MAST GLOBAL BATTERY, you can compare the effects of market volatilities on Bank of New York and MAST GLOBAL 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 Bank of New York with a short position of MAST GLOBAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bank of New York and MAST GLOBAL.
Diversification Opportunities for Bank of New York and MAST GLOBAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bank and MAST is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bank of New and MAST GLOBAL BATTERY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MAST GLOBAL BATTERY and Bank of New York 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 Bank of New are associated (or correlated) with MAST GLOBAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MAST GLOBAL BATTERY has no effect on the direction of Bank of New York i.e., Bank of New York and MAST GLOBAL go up and down completely randomly.
Pair Corralation between Bank of New York and MAST GLOBAL
If you would invest 5,471 in Bank of New on February 8, 2024 and sell it today you would earn a total of 269.00 from holding Bank of New or generate 4.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.59% |
| Values | Daily Returns |
Bank of New vs. MAST GLOBAL BATTERY
Performance |
| Timeline |
| Bank of New York |
| MAST GLOBAL BATTERY |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Bank of New York and MAST GLOBAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bank of New York and MAST GLOBAL
The main advantage of trading using opposite Bank of New York and MAST GLOBAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bank of New York position performs unexpectedly, MAST GLOBAL 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 MAST GLOBAL will offset losses from the drop in MAST GLOBAL's long position.| Bank of New York vs. Oxford Lane Capital | Bank of New York vs. XAI Octagon Floating | Bank of New York vs. Cornerstone Strategic Return | Bank of New York vs. Cornerstone Strategic Value |
| MAST GLOBAL vs. iShares Dividend and | MAST GLOBAL vs. Martin Currie Sustainable | MAST GLOBAL vs. VictoryShares THB Mid | MAST GLOBAL vs. AdvisorShares Gerber Kawasaki |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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