Correlation Between Ssga High and Mainstay High
Can any of the company-specific risk be diversified away by investing in both Ssga High and Mainstay 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 Ssga High and Mainstay High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ssga High Yield and Mainstay High Yield, you can compare the effects of market volatilities on Ssga High and Mainstay 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 Ssga High with a short position of Mainstay High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ssga High and Mainstay High.
Diversification Opportunities for Ssga High and Mainstay High
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ssga and Mainstay is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ssga High Yield and Mainstay High Yield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mainstay High Yield and Ssga 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 Ssga High Yield are associated (or correlated) with Mainstay High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mainstay High Yield has no effect on the direction of Ssga High i.e., Ssga High and Mainstay High go up and down completely randomly.
Pair Corralation between Ssga High and Mainstay High
If you would invest 480.00 in Mainstay High Yield on January 20, 2024 and sell it today you would earn a total of 35.00 from holding Mainstay High Yield or generate 7.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Ssga High Yield vs. Mainstay High Yield
Performance |
| Timeline |
| Ssga High Yield |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Mainstay High Yield |
Ssga High and Mainstay High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ssga High and Mainstay High
The main advantage of trading using opposite Ssga High and Mainstay High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ssga High position performs unexpectedly, Mainstay 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 Mainstay High will offset losses from the drop in Mainstay High's long position.| Ssga High vs. Artisan High Income | Ssga High vs. Guggenheim High Yield | Ssga High vs. Fidelity Capital Income | Ssga High vs. City National Rochdale |
| Mainstay High vs. Mainstay Tax Free | Mainstay High vs. Mainstay Large Cap | Mainstay High vs. Mainstay Large Cap | Mainstay High vs. Mainstay Large Cap |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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